Insolvency and Bankruptcy Code, 2016 - Level playing field for all

Abstract

The Insolvency and Bankruptcy Code, 2016 (“the Code”) can be considered as the biggest economic reform in India. Though the Code is undergoing lot of change, it is nevertheless, one of the rarest and most efficient piece of legislation so far and has a potential to be a game changer. It is a comprehensive code governing insolvency for companies, partnerships and individuals. The recent amendment act (The Insolvency and Bankruptcy Code Amendment Act, 2018) also included : (a) Proprietorship Entities, which are un regulated entities; and (b) personal guarantors to corporate debtors, thereby creating fair and comprehensive provisions governing insolvency of entities and individuals.