Insolvency in India: Understanding the Legal Framework and Implications
The concept of insolvency plays a crucial role in maintaining economic stability and ensuring fair treatment of creditors. In India, insolvency laws have undergone significant reforms, particularly with the introduction of the Insolvency and Bankruptcy Code (IBC) in 2016. This article explores the legal framework surrounding insolvency in India , its impact, and its connection with Media Law in India. Understanding Insolvency in India Insolvency refers to a situation where an individual or entity is unable to meet its financial obligations. In India, the insolvency process is governed primarily by the Insolvency and Bankruptcy Code (IBC), 2016, which streamlines the resolution process for corporate debtors, individuals, and partnerships. Key Features of the Insolvency and Bankruptcy Code (IBC), 2016 Time-Bound Resolution: The IBC provides a structured and time-bound process for resolving insolvency cases, ensuring efficiency in the system. Creditor-Centric Approach: T...