Insolvency Service

The Insolvency and Bankruptcy Code, 2016 (IBC) was enacted and came into force with effect from 28th May, 2016. With the emergence of Insolvency and Bankruptcy Code, 2016, there is a tremendous reform in the bankruptcy and insolvency process in India. The processes which took ages to conclude insolvency / bankruptcy, are now simplified and expedited, ensuring fair negotiations between Debtor and Creditor by removing the asymmetry of debt and default information.
Its Applicability:
The provisions of the IBC, 2016 are applicable to
a) Individuals;
b) Unlimited Partnership Firms;
c) Limited Liability Partnerships (LLPs); and
d) Companies.

81276 Times Visited