Description

The Insolvency and Bankruptcy Code 2016 (“Code”) is one of the most important and significant reform which has reshaped corporate India in the last decade. The IBC as noted by the Hon’ble Apex Court in the Swiss Ribbons1 case has ensured that ‘the defaulters paradise is lost’2. This, the IBC achieves by separating the promoters and the management of a company from the company itself and enabling the revival of the company by replacing its management with a new management, thus having a salutary effect on the credit culture in the country through entrepreneurship, fostering economic growth and revitalization.