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Most frequent questions and answers.
The Insolvency and Bankruptcy Code, 2016 (IBC) came into effect on the 28th of May 2016. However, provisions of Corporate Resolution Processes under I-Banking have been made effective from 1st December 2016!
The Insolvency and Bankruptcy Code, 2016 was framed with the intention to simplify proceedings in India. The law removes any asymmetry between debtors’ information on their assets versus creditors’, making it easier for them both during negotiations while also ensuring a fair deal is reached between Debtor & Creditor
The insolvency resolution process will now be completed by the Adjudicating Authority within 180 days of making the application unless it is extended for 90 more days according to the provisions of the Code.
The new IBC, 2016 regulations are applicable to individuals and companies. As of December 1st, 2016 they will be applied equally by law for all types of partnerships firms limited liability or not – this includes corporations too!