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SUPPLEMENTARY
SUPPLEMENTARYINSOLVENCY AND BANKRUPTCY CODE, 2016 1 IntroductionCorporate Insolvency Resolution Process Liquidation of a Corporate PersonINSOLVENCY AND BANKRUPTCY CODE, 2016 INTRODUCTIONThe Insolvency and Bankruptcy Code passed by the Parliament is a welcome overhaul of the existing framework dealing with insolvency of corporate, individuals, partnerships and other entities. It paves the way for much needed reforms while focussing on creditor driven insolvency were multiple overlapping laws and adjudicating forums dealing with financial failure and insolvency of companies and individuals in India. The erstwhile legislative frame work comprised of:(a) Chapter XIX and Chapter XX of Companies Act, 2013(b) Part VIA, Part VII and Section 391 of Companies Act, 1956(c) RDDBFI Act, 1993(d) SARFAESI Act, 2002(e) SICA Act, 1985(f) The Presidency Towns Insolvency Act, 1909(g) The Provincial Insolvency Act, 1920(h) Chapter XIII of LLP Act, 2008 This legal and institutional framework did not aid lenders in effective and timely recovery or restructuring of defaulted assets and causes undue strain on the Indian credit system.
1 Introduction Corporate Insolvency Resolution Process Liquidation of a Corporate Person INSOLVENCY AND BANKRUPTCY CODE, 2016 INTRODUCTION The Insolvency and Bankruptcy Code passed by the Parliament is a welcome overhaul of the existing
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