IBC Laws

IBC Laws
Insolvency and Bankruptcy Code in India though was enacted on 1st December,2016 but it is still in evolution stage.
The IBC laws are going through various pragmatic changes as per the new experiences in law be it for operational creditor or operational creditor.
Almost every week there is a new order from NCLAT( National Compnay Law Appellate Tribunal) or one order from Supreme Court of India which gives a different dimension to the IBC laws.It is well known to all that insolvency model is based upon UK Insolvency but it has again has different flavours imbibed into it to best suit the requirement of India.
IBC laws in India has a different set up. The NCLT( National Company Law Tribunal) being an adjudicating authority deals with initial petitions under Section 7,9 or 10 of IBC. The NCLAT, an appellate body is at New Delhi.
IBBI(Insolvency and Bankruptcy Board of India) is an integral part for IBC laws as much as they devise the mechanism of working of Insolvency Professionals as well as formulating Regulations for bettering CIRP or liquidation process from time to time.
Till the date IBCL Laws is applicable to incorporated entities whereas, the provisions of IBC as regards to individual and partnership firms are yet to be made applicable.Hence, there is more to come under the ambit of IBC.
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