January 2019

THE INSOLVENCY & BANKRUPTCY CODE, 2016

Bahram N. Vakil
Advocate

Two years ago, India was accorded number 130 in the World Bank's Ease of Doing Business 2017 rankings[1], with the average time for resolution standing at 4.3 years. Low recovery rates had led to a dip in the number of high-risk high-return ventures, as investment returns could not be guaranteed to investors’ satisfaction. However, with the onset of the Insolvency and Bankruptcy Code, 2016 (“IBC”), there has been a sea change in the restructuring space, leading to an increasingly diligent business environment and a quicker turnaround on account of resolution plans being completed within a year of the commencement of the IBC in several cases. India displayed rapid progress as per the Ease of Doing Business 2018 rankings,[2]  as it rose thirty ranks, and has proceeded to further improve by twenty three ranks and jumped to number 77 in the recently published Ease of Doing Business 2019 Rankings.[3]

 

LEGAL CHANGES


Committee of Creditors


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