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About Insolvency & Bankruptcy Code 2016

Vision of the Code

The vision of law is to encourage entrepreneurship & innovation. Some business ventures will always fail, but they will be handled rapidly and swiftly. Entrepreneurs & Lenders will be able to move on instead of being bogged down with decisions taken in the past.

Purpose of the Code

Consolidate and amend laws relating to reorganization and insolvency resolution of corporate persons, partnership firms and individuals.
In a time bound manner
For maximization of value of assets of such persons
To promote entrepreneurship
Availability of Credit
Balance the interest of all stakeholders including alteration in the order of priority of payment of Government.
Establish Insolvency and Bankruptcy Board of India IBBI ( IBBI has been established on 01.10.2016)

WHEN CAN CORPORATE INSOLVENCY RESOLUTION PROCESS BE INITIATED

Corporate Insolvency Resolution Process can be initiated when a Company (being a corporate debtor) commits a default of minimum Rs. 1 lakh. This amount may be increased by the Central Government but shall not exceed Rs. 1 crore.

WHO CAN INITIATE CORPORATE INSOLVENCY RESOLUTION PROCESS?

Where a Company (being a corporate debtor) commits a default the following persons can initiate Corporate Insolvency Resolution Process.

Financial Creditor ( i.e. Banks, Financials Institutions & ARCs and other Financial Creditors)
Operational Creditor
Corporate Debtor itself.

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