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.
Disclaimer & Confirmation As per the rules of the Bar Council of India, law firms are not permitted to solicit work and advertise. By clicking on the “I AGREE” button below, user acknowledges the following:
there has been no advertisements, personal communication, solicitation, invitation or inducement of any sort whatsoever from us or any of our members to solicit any work through this website;
user wishes to gain more information about AMLEGALS and its attorneys for his/her own information and use;
the information about us is provided to the user on his/her specific request and any information obtained or materials downloaded from this website is completely at their own volition and any transmission, receipt or use of this site does not create any lawyer-client relationship; and that
We are not responsible for any reliance that a user places on such information and shall not be liable for any loss or damage caused due to any inaccuracy in or exclusion of any information, or its interpretation thereof.
However, the user is advised to confirm the veracity of the same from independent and expert sources.