Corporate Insolvency and Bankruptcy Under the IBC, 2016

Authors

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

DOI:

https://doi.org/10.33516/maj.v54i12.94-98p

Keywords:

No Keywords.

Abstract

The Insolvency and Bankruptcy Code, 2016 brings about a paradigm shift in the recovery and resolution process of stressed assets by introducing the concept of "Creditor in Control" instead of "Debtors in Possession". This brings about value enhancement of the corporate debtor as once this process starts, the Board of Directors cede control of the company and the Insolvency Professional with the help of advisors starts managing the company. Creditors now have the guidelines that clarify details till the last mile, including distribution of the recovery proceeds. The Reserve Bank of India in order to align the resolution mechanism with the IBC subsequently withdrew all circulars such as CDR. The Flexible Structuring of the of Existing Long Term Project Loans, SDR, Change in Ownership outside SDR, 5 by 25 Scheme and S4A. The Joint Lenders Forum was also discontinued. The paper, which is exploratory in nature, aims to explain The Corporate Insolvency Resolution Process and the Corporate Liquidation Process along with the waterfall mechanism of distribution of assets in a sequential manner, for the benefit of the readers with extensive reference to the Insolvency & Bankruptcy Code, 2016 and also various reports and practice manuals on the subject in the public domain.

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Published

2019-12-31

How to Cite

Ojha, R. (2019). Corporate Insolvency and Bankruptcy Under the IBC, 2016. The Management Accountant Journal, 54(12), 94–98. https://doi.org/10.33516/maj.v54i12.94-98p

References

Insolvency and Bankruptcy News, Insolvency and Bankruptcy Board of India , Jan-March 2019 , Vol. No: 10.

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

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

CA Ravinder Agarwal (July 2018) "Insolvency & Bankruptcy Practise, published by Taxmann's Publications (P) Ltd .

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.

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.

www.ibbi.gov.in

www.nclt.gov.in

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