JOURNEY OF INSOLVENCY LAWS IN INDIA WITH SPECIAL REFERENCE TO IBC, 2016 AND IT’S CRITICAL ANALYSIS
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Abstract
Before 2016, there has been no comprehensive code for handling the insolvencies and bankruptcies in India, drafting new piece of legislation called The Insolvency and Bankruptcy Code, 2016 was claimed as landmark piece of legislation protecting interest of various stakeholders and to make available process of resolution which unlike provided in previous laws shall be a cumbersome-less and speedy process.
This Research work shall provide an analysis of new era laws of insolvencies based on journey covered by such laws in three years since parliament passed this code in year 2016 along with evolution and historical trends of rules and regulations dealing with such issue prior to this code and how such rules and different laws took the present shape.
No doubt an urgent and unified code was of utmost need to present sinking economy to improve credit market, but this code subjects to many limitations due to mismanagement and inappropriate implementation. Although Constant improvements and updates to code in form of amendments, drawing up of rules and through precedents follows but it still contains many loopholes, attracts constitutionality challenges and difficulties and most severely a halt faced by this code in pandemic due to suspension of proceedings and threshold is of great concern.
This Research shall be concluded by proposing various suggestions and recommendations to ascertain how the effectiveness and future prospects of the reformed insolvency law in India could be attained which must be taken into account for urgent reforms in the present code.
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