JETIREXPLORE- Search Thousands of research papers



Published in:

Volume 8 Issue 2
February-2021
eISSN: 2349-5162

Unique Identifier

JETIR2102177

Page Number

1493-1497

Share This Article


Title

Insolvency and Bankruptcy Code 2016 : Its impact on economic growth of country

ISSN

2349-5162

Cite This Article

"Insolvency and Bankruptcy Code 2016 : Its impact on economic growth of country ", International Journal of Emerging Technologies and Innovative Research (www.jetir.org), ISSN:2349-5162, Vol.8, Issue 2, page no.1493-1497, February-2021, Available :http://www.jetir.org/papers/JETIR2102177.pdf

Authors

Abstract

An effective bankruptcy system is an important pillar of the  economic growth and development of India. India is an entrepreneurial economy.  Insolvency and Bankruptcy Code (IBC) 2016 was implemented through an act of Parliament. It  got Presidential consent in May 2016. It was introduced  to resolve claims of insolvent companies. It is a one stop solution for resolving insolvencies, which previously was a long process that did not offer an economically feasible arrangement. The main intension behind the code is to maximise the value of assets of persons  ,promote entrepreneurship ,ensure the availability of credit and balancing the interest of stakeholders including the alteration in the order of priority of the payment of government payment .IBC helps to lessen the bad loan problems that were seriously  affecting the banking system. It provides for a time  limit  to resolve insolvency. When a default in reimbursement  occurs,  then creditors gain control over debtor’s proceeds and take decisions to settle insolvency. Under IBC, creditor and debtor both can start 'recovery' proceedings against each other .The study was expressive in nature. In this paper we discuss about the impact of Insolvency and Bankruptcy Code 2016 on economic growth and development of a country.

Key Words

IBC 2016, NATIONAL COMPANY LAW TRIBUNAL, INTERIM IP,BANKRUPTCY

Cite This Article

"Insolvency and Bankruptcy Code 2016 : Its impact on economic growth of country ", International Journal of Emerging Technologies and Innovative Research (www.jetir.org | UGC and issn Approved), ISSN:2349-5162, Vol.8, Issue 2, page no. pp1493-1497, February-2021, Available at : http://www.jetir.org/papers/JETIR2102177.pdf

Publication Details

Published Paper ID: JETIR2102177
Registration ID: 306307
Published In: Volume 8 | Issue 2 | Year February-2021
DOI (Digital Object Identifier):
Page No: 1493-1497
ISSN Number: 2349-5162

Download Paper

Preview Article

Download Paper




Cite This Article

"Insolvency and Bankruptcy Code 2016 : Its impact on economic growth of country ", International Journal of Emerging Technologies and Innovative Research (www.jetir.org | UGC and issn Approved), ISSN:2349-5162, Vol.8, Issue 2, page no. pp1493-1497, February-2021, Available at : http://www.jetir.org/papers/JETIR2102177.pdf




Preview This Article


Downlaod

Click here for Article Preview