Recently the Insolvency and Bankruptcy Code (IBC) has been passed by the Parliament. IBC would consolidate the laws relating to reorganization and insolvency of corporate persons, partnership firms and individuals in a time-bound manner, which are contained in various enactments, into a single legislation.
While the legislation of the Code is a historical development for economic reforms in India, its effect will be seen in due course when the institutional infrastructure and implementing rules as envisaged under the Code are formed.
The main focus of this legislation is at providing resurrection and resolution in a time bound manner for maximization value of debtor’s assets. The Code has put forth an overarching framework to aid sick companies to either wind up their business or engineer a revival plan, and for investors to exit.
Adv.Apurv Sardeshmukh: Partner with Legasis Partners Pune a law firm headquartered in Mumbai with offices in Pune, Delhi and Bangalore.
Apurv is a graduate in Law from ILS Law college, Pune with a LLM degree from University of Warwick. He has advised clients on joint venture, mergers and acquisitions, private equity, banking and finance, project finance. He has held a series of lectures across the industries on the same
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