Insolvency and Bankruptcy Code, 2016 – Journey So Far: A Survey

Authors

  • Rajesh Ojha Doctoral Scholar, GLS School of Doctoral Research and Innovations, GLS University, Ahmedabad

DOI:

https://doi.org/10.33516/maj.v54i7.90-97p

Keywords:

No Keywords.

Abstract

It has been over two years since the Insolvency and Bankruptcy Code, 2016 was implemented in India. The Code has brought about a dramatic change in the manner in which the insolvency and bankruptcy proceedings in the country would be handled in a time bound manner. The Code is expected to resolve the non performing asset (NPA) crisis and the resultant slowdown in the availability of credit in the economy . An entirely new ecosystem has come into being as a result of which a host of opportunities have opened up for finance and legal professionals .Since the implementation of the code various applications initiating Corporate Insolvency Resolution Process ( CIRP) have been filed by the corporate debtors, the financial creditors and the operational creditors. The CIRP’s cases admitted, the number of resolution professionals registered , amount of recoveries made by the financial creditors in the cases resolved so far have been progressively increasing over the years whereas in certain cases the banks have had to take a sizeable haircut also. In order to understand the journey of the Insolvency and Bankruptcy Code, 2016 thus far a questionnaire based survey was carried out amongst the registered insolvency professionals in the country to ascertain their views on the various facets of the Code and the difficulties faced in it’s implementation. A structured questionnaire was framed with 18 research questions, these questions were close ended and were a combination of Dichotomous, Multiple choice and on Likert scale. The responses were codified and analyzed. The research paper presents this analysis along with the interpretations for the benefit of the readers.

Downloads

Download data is not yet available.

Published

2019-07-31

How to Cite

Ojha, R. (2019). Insolvency and Bankruptcy Code, 2016 – Journey So Far: A Survey. The Management Accountant Journal, 54(7), 90–97. https://doi.org/10.33516/maj.v54i7.90-97p

References

EBC’s Insolvency and Bankruptcy Code, 2016 published by EBC Publishing Pvt Ltd Lucknow

Ernst &Young LLP (August 2017) Report on "Experiencing the Code – Corporate Insolvency in India" submitted to ASSOCHAM.

Price Water House Coopers Private Limited (August 2018) Report "Decoding the Code: Survey on 21 Months of IBC In India "submitted to Confederation of Indian Industry.

CRISIL Report (October, 2016 ) "Insolvency & Bankruptcy Code 2016: A Game Changer submitted to ASSOCHAM.

SIPL , Edelweiss & INSOL India (April, 2017.) joint report "Effective Implementation of Insolvency and Bankruptcy Code 2016 : A Collective Stakeholder Responsibility "to ASSOCHAM.

Ernst & Young LLP ( July, 2016) Report on "ARC’s – at the Cross Roads of making a paradigm shift†submitted to ASSOCHAM at AIRCON 2016

India Ratings & Research (a Fitch Group Company) (July, 2016) Report "A Need for Paradigm Shift in Changing Scenario†submitted to ASSOCHAM at AIRCON 2016 discusses..

CA Ravinder Agarwal (July 2018)"Insolvency & Bankruptcy Practise, published by Taxmann’s Publications (P) Ltd , New Delhi 9. www.ibbi.gov.in

www.nclt.gov.in

Similar Articles

<< < 7 8 9 10 11 12 13 14 15 16 > >> 

You may also start an advanced similarity search for this article.