The Evolution of Insolvency & Bankruptcy Code
We are ecstatic to release the full video from our panel discussion-“Evolution of IBC.” Watch eminent experts, Mr. Gourab Banerji, Senior Advocate at Supreme Court of India, Mr. Karthik Somasundaram, Partner at Bharucha and Partners, Mr. Anil PM, Head of Legal Compliance at Bajaj Alliance sharing their insights on the subject.
The insolvency process is a legal procedure where the court declares a person as bankrupt, and he no longer pays off his debts. This process must be done legally, and it is followed very strictly in the country.
Today in India, as in the case history, the bankruptcy code has been evolved according to financial conditions and needs. The evolution of the bankruptcy code is an important step taken by the government for financial stability.
It has been five years since this code was introduced, and it has seen some significant changes. Few of them have been due to the impact of a pandemic on various sectors and industries. Bankruptcy cases have existed for many years, but today with the evolution of insolvency and bankruptcy code, the number of insolvencies is rising.
Insolvency is today a much-feared word, but the scenario has changed with the introduction of insolvency and bankruptcy code in India.
However, some issues still need to be addressed to expedite the resolution process exceeding the prescribed statutory timelines effectively. At times, the facilitative process for resolution is not as productive as it should be. One such issue is the impact on the IBC of the Supreme Court that held the Insolvency Resolution Plan once approved by the Committee of Creditors (CoC), which can never be withdrawn or modified. Watch the panel discussion, where you will see more such questions and their answers from the experts.