A PARADIGM SHIFT OF IBC CONSEQUENT TO COVID 19: AN ANALYSIS
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Keywords:
Insolvency, Bankruptcy, COVID 19, IBC Amendment Ordinance, 2020, International JurisdictionsAbstract
The IBC, 2016 is a landmark development in the dynamic world of resolution of stressed assets laws in our country. The Insolvency and Bankruptcy Code, 2016, is India's bankruptcy law that seeks to consolidate the existing framework by establishing a single law for insolvency and bankruptcy. The research paper analyses the principles and legal framework of the code in relation to the COVID-19 pandemic. Because of the widespread economic impact of COVID-19, the Central Government issued the IBC Amendment Ordinance, 2020.
The goal of this paper is to look at how the COVID-19 pandemic has affected the Insolvency and Bankruptcy Code. This paper also demonstrates how the IBC Amendment Ordinance, 2020, is extremely useful in improving India's image on a global scale. In line with that, the paper examines the implementation of the 2020 ordinance in India in light of the current state of the Indian economy. The research paper will also reaffirm the validity of the aforementioned amendment in the eyes of stakeholders. A concerted effort will be made to assess the various challenges encountered, as well as the numerous benefits of emendation in India. In addition, a study is being conducted on some International Jurisdictions to demonstrate their progress in reforming their respective statutes in the midst of COVID-19. Finally, in the final section, an attempt will be made to provide some suggestions for improvement in IBC during COVID-19.
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