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Introduction to the Insolvency and Bankruptcy Code, 2016
What is Insolvency and Bankruptcy Code, 2016 (IBC)?
is a watershed legislation that consolidated India's fragmented insolvency framework into a single, time-bound, creditor-in-control regime.
SICA, 1985 / BIFR / AAIFR — Purpose / Why It Failed?
Purpose: Sick industrial company revival; Why It Failed: Endless delays, debtor-in-control, no time limit, mostly used to prevent recovery
RDDB Act, 1993 / DRT, DRAT — Purpose / Why It Failed?
Purpose: Recovery of debts due to banks; Why It Failed: Limited to recovery, no resolution; clogged with appeals
SARFAESI Act, 2002 — Purpose / Why It Failed?
Purpose: Enforcement of security interest by secured creditors; Why It Failed: Only secured assets; multiple parallel proceedings; ineffective for going-concern revival
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