• ABHIPSA BARAL

The Insolvency and Bankruptcy Code, 2016 is a recent legislation that aims to consolidate the affairs of insolvency and bankruptcy for companies, LLPs, firms, and individuals. Insolvency refers to a phase where a person lacks enough assets to pay their debts in due time, while bankruptcy is an ultimate situation where a person is unable to pay their debts at all. The process of insolvency resolution and bankruptcy differs for individual and partnership firms. The main focus of these legislations is to remodel the financial and organizational structure of debtors facing financial hardship, allowing them to rehabilitation and continue their businesses. The IBC continues to follow this direction by providing creditors with enhanced powers and speedy resolution. This research aims to evaluate the impact of the IBC on individual and partnership firms, particularly in terms of financial restructuring, debt resolution, and overall business viability. It will analyze how these firms effectively utilize the provisions of the IBC to address insolvency challenges, examine the legal framework of the IBC as it applies to individual and partnership firms, explore the rights, obligations, and legal procedures involved in insolvency resolution and bankruptcy proceedings, and assess the broader policy implications of the IBC for individual and partnership firms, including its impact on entrepreneurship, credit markets, and economic growth. By addressing these research areas, scholars and policymakers can gain valuable insights into the dynamics of insolvency and bankruptcy proceedings for individual and partnership firms under the IBC, contributing to ongoing discourse on insolvency law reform and economic development.

Insolvency, Individual, Partnership Firms, IBC, Adjudicating Authority, Creditors, Debtors, Resolution Professional

"INSOLVENCY RESOLUTION OF INDIVIDUAL AND PARTNERSHIP FIRMS UNDER IBC, 2016", International Journal of Emerging Technologies and Innovative Research (www.jetir.org), ISSN:2349-5162, Vol.11, Issue 3, page no.j570-j580, March-2024, Available :http://www.jetir.org/papers/JETIR2403975.pdf

"INSOLVENCY RESOLUTION OF INDIVIDUAL AND PARTNERSHIP FIRMS UNDER IBC, 2016", International Journal of Emerging Technologies and Innovative Research (www.jetir.org | UGC and issn Approved), ISSN:2349-5162, Vol.11, Issue 3, page no. ppj570-j580, March-2024, Available at : http://www.jetir.org/papers/JETIR2403975.pdf