Insolvency and Bankruptcy
On 28th May, 2016, the Code was published in the official gazette after its passage in Parliament. It has been hailed as a major economic measure, aimed at aligning insolvency laws with international standards. Parliament’s previous attempts to ensure recovery of public debt, (through the Recovery of Debts due to Banks or Financial Institutions Act, 1993, hereafter “RDBFI Act”) securitization (by the Securitization and Reconstruction and Enforcement of Security Interests Act, 2002 hereafter “SARFESI”) deal with certain facets of corporate insolvency. These did not result in the desired consequences. The aim of the Code is to a) promote entrepreneurship and availability of credit; b) ensure the balanced interests of all stakeholders and c) promote time-bound resolution of insolvency in case of corporate persons, partnership firms and individuals.
Being a new legislation, the jurisprudence is on an evolving stage and there are numerous judgments and consequent amendments in the law, which made it very complex. This session is meant to explore intricacies of IBC by analysing various provisions of the same in detailed manner.
The session covers extensive research topics on Insolvency and bankruptcy matters
Cross Border Insolvecny
Cross-border insolvency is one where the insolvent debtor has assets in more than one State or where some of the creditors of the debtor are not from the State where the insolvency proceeding is taking place.Cross border insolvency signifies circumstances in which an insolvent debtor has assets and/or creditors in more than one country. Typically, domestic laws prescribe procedures, for identifying and locating the debtors’ assets; calling in the assets and converting them into a monetary form; making distributions to creditors in accordance with the appropriate priority etc. for domestic creditors/debtors. Read the Article