• T.R.ARUN

Inadequacy of a comprehensive one shot la in India for insolvency and bankruptcy of the corporate persons firms and individual resulted in inordinate delays in resolution. Multiple legislation such as sick industrial companies special provision Act(SICA),1985, Recovery of debts and bankruptcy act 1993, SARFAESI Act 2002deals with insolvency and bankruptcy of the companies in a sorted manner. The insolvency and bankruptcy code 2015 was enacted to deal with insolvency of corporate persons partnership firms and individual in a time bound manner aiming at resolution of insolvency and bankruptcy of these entities. This legislation would lead to development of credit markets facilitating higher economic growth and development. IBC has sent a strong message to the recalcitrant defaulters borrow was that they cannot run the business as usual during the default. Most of the loopholes likely to be the aid of defaulting borrowers to challenge the provisions of the courts have been sufficiently plugged in the legislation. Timely repayment of the debt by the borrower would help the lenders to lend the money to prospective entrepreneurs leading to overall economic growth. IBC provide for designing National company Law tribunal and debt recovery tribunal to adjudicate for resolution of insolvency, liquidation and bankruptcy of the corporate persons, firms and individuals. IBC also provides for insolvency and bankruptcy board of India for regulating insolvency professional and information utilities. Insolvency professionals assisting completion of insolvency resolution liquidation and bankruptcy proceedings. Information utilities collect and disseminate financial information to carry out such proceedings. The code also clarifies the priorities of debts of an entry on liquidation among us the lenders, especially between financial and operational creditors all in all IBC is an economic initiative aiming at balanced economic growth.

Keywords: Insolvency Bankrupt ,Creditor, Financial, Defaulters.

"Corporate Debtors revival under the insolvency and bankruptcy code", International Journal of Emerging Technologies and Innovative Research (www.jetir.org), ISSN:2349-5162, Vol.7, Issue 8, page no.169-174, August-2020, Available :http://www.jetir.org/papers/JETIR2008021.pdf

"Corporate Debtors revival under the insolvency and bankruptcy code", International Journal of Emerging Technologies and Innovative Research (www.jetir.org | UGC and issn Approved), ISSN:2349-5162, Vol.7, Issue 8, page no. pp169-174, August-2020, Available at : http://www.jetir.org/papers/JETIR2008021.pdf