• Akhil Reji Jacob

Insolvency and Bankruptcy Code 2016 was formulated by Government of India to consolidate existing framework by creating a single law for Insolvency and Bankruptcy. The code was passed by Indian Parliament in May 2016. The code aims to consolidate existing framework by creating a single law for Insolvency and Bankruptcy. An effective legal framework for addressing the problems relating to insolvency and bankruptcy helps in the development of financial markets and encourage entrepreneurship. It would also improve ease of doing business and facilitate more investment leading to higher economic growth and development. The Insolvency and Bankruptcy Code (IBC) envisages minimizing the role of adjudicating authority and replaces hundred year old laws such as The Presidency Town Insolvency Act 1908, Provisional Insolvency Act 1920, and Sick Industrial Companies (special provisions) Repeal Act 2003. The code aims in designating the National Company Law Tribunal (NCLT) and Debt Recovery Tribunal (DRT) as the adjudicating authorities for corporate persons and firms and individuals respectively for resolution of insolvency, liquidation and bankruptcy. By implementing IBC the Government aims to reduce the time involved in insolvency and bankruptcy proceedings and to ensure that the rights of the stakeholders are protected. This article explores the various process and procedures involved Insolvency and Bankruptcy Code 2016 and its implication. KEYWORDS: Insolvency, bankruptcy, National Company Law Tribunal, Debt Recovery Tribunal

Insolvency, bankruptcy, National Company Law Tribunal, Debt Recovery Tribunal

"INSOLVENCY AND BANKRUPTCY CODE 2016", International Journal of Emerging Technologies and Innovative Research (www.jetir.org), ISSN:2349-5162, Vol.6, Issue 6, page no.402-405, June 2019, Available :http://www.jetir.org/papers/JETIR1907H63.pdf

"INSOLVENCY AND BANKRUPTCY CODE 2016", International Journal of Emerging Technologies and Innovative Research (www.jetir.org | UGC and issn Approved), ISSN:2349-5162, Vol.6, Issue 6, page no. pp402-405, June 2019, Available at : http://www.jetir.org/papers/JETIR1907H63.pdf