IBC – A ray of Hope
The insolvency proceedings in one of the emerging business destination have been in past involved and operated through various legal instruments. Legislations ranging from RDDBFI Act, 1992, Sick Industrial Act,1985 or the SARFAESI Act,2002 enumerated and dealt with various disparate process for assets takeover, assets restructuring or the satisfaction of the outstanding debts. Despite these legal conundrums, their inefficient implementation and the bottlenecks led India to witness huge piling up of NPA’s and creditors holding back for the recovery of money. The hiccups in the earlier legal mechanism did not proved and provided for better results and let to emergence of resentment amongst the creditors. This demanded for a better resented and a technically sound consolidated framework involving a proper and speedy recovery mechanism. Insolvency & Bankruptcy Code which is the second most important legal reform enacted in 2016 was a step in the direction of addressing a...