Introduction to the Insolvency and Bankruptcy Code, 2016
Chapter notes, video classes, MCQ practice tests and quick-revision one-liners for Banking Regulations and Business Laws — CAIIB.
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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
Companies Act, 1956 / 2013 (Winding-up) — Purpose / Why It Failed?
Purpose: Court-driven winding-up; Why It Failed: Slow, debtor-friendly, no rehabilitation mindset
Presidency Towns Insolvency Act, 1909 & Provincial Insolvency Act, 1920 — Purpose / Why It Failed?
Purpose: Individual insolvency; Why It Failed: Antiquated, jurisdictionally fractured
Indian Contract Act, 1872 — Purpose / Why It Failed?
Purpose: Default remedies; Why It Failed: No insolvency machinery
(a) Insolvency Professionals (IPs) — Role / Governing Section?
Role: Conduct CIRP/liquidation/bankruptcy; first-level regulator of conduct; Governing Section: Secs. 3(19), 206-208
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