The Insolvency and Bankruptcy Code, 2016 (Code) is the umbrella legislation for insolvency resolution of corporate persons, partnership firms and individuals. The Code hailed as a paradigm shift from the erstwhile insolvency regime in India in terms of its design and architecture as it strives to maximise the value of the corporate debtor’s assets while balancing the interests of all stakeholders during the process. The Code aims at developing a robust stressed assets market and providing a graceful exit to the genuine business failures. The outcomes of the Code in the initial years of its enactment have been truly inspiring and note-worthy.
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