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About IBC

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Insolvency Bankcruptcy Code, 2016

To speed up resolution of stressed assets in the country

WHY

Applicable: Individuals, Partnerships, LLPs and Corporates

WHO

Authority to decide insolvency application within 180 days (90 Days extension allowed)

WHEN

Fast track process of 90 days available for specifiled entities

WHEN

Adjudicating authority NCLT for corporates, DRT for individuals & partnership firms

WHO

Difficulties in IBC

1

Complex Legal Environment posing difficulties for Resolution Professional and COC

2

RP’s subjected to strict scrutiny

3

Threats posed by the promoters

4

Insolvency Resolution in India is at a very nascent stage and will take time to mature, people are afraid to invest in stressed assets due to complex legal environment

5

Inadequate experience of the Professionals in a relatively new field of IBC