Introduction
Background
1 | 15 Introduction The Insolvency and Bankruptcy Code, 2016 (IBC/Code) is a landmark legislation which was enacted in 2016 to put in place a consolidated and holistic legal framework for resolution of stressed assets in India. Since its enactment, IBC has been one of the most dynamic legislations which has undergone several revisions on account of various learnings arising out of resolution of large volume of stressed assets in its initial phases.
On July 23, 2024, the finance minister presented a budget focused on job creation, tax reforms, and support for micro, small and medium enterprises (“MSMEs”). For the Insolvency and Bankruptcy Code, 2016 (“IBC”) two reforms were announced: the establishment of an integrated technology platform to facilitate improved outcomes and the strengthening of tribunals and appellate tribunals, including the creation of additional tribunals some of which would be exclusively designated for matters under the Companies Act, 2013.
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On October 3rd, 2023, the Ministry of Corporate Affairs (MCA) amended Section 14(1) of the Insolvency and Bankruptcy Code, 2016 thereby exempting the transactions, arrangements, or agreements related to aircraft, aircraft engines, airframes, and helicopters in the aviation industry from the operation of the moratorium imposed upon the admission of an insolvency plea.
The Ministry of Corporate Affairs ("MCA") issued a notification dated 15 November 2019 ("Notification") that give effect to provisions for conducting the insolvency resolution process against personal guarantors under the Insolvency and Bankruptcy Code, 2016 ("IBCode") w.e.f.
Introduction:
Introduction
The Insolvency and Bankruptcy Board of India (hereinafter referred to as the “IBBI”) has constituted the Insolvency law Committee vide notification no. 35/14/2017 dated November 16, 2017 (hereinafter referred to as the “Committee”).
Debt recovery in India has been a challenge with creditors and debtors disputing rights and obligations in legal wrangles under various provisions under applicable laws making the process time consuming and costly.