GOKHALE EDUCATION SOCIETY’S LAW COLLEGE

STUDENT NAME KETAN N INDULKAR

ROLL NO 13

CLASS SYLLB

ACADEMIC YEAR 2023

SUBJECT NAME BANKRUPTCY

PROJECT SUBMITTED TO PROF. SANTOSH SINGH

Q: Introduction to Bankruptcy

Trend of Indian Economy

Year 1991 Year 2002 Year 2009

Economic Reforms (LGP) Competition Act Competition Commission

Right to entry
(Companies) Year 2016
Insolvency and
Bankruptcy code
Framework of Insolvency and Bankruptcy Code

Company Insolvent

Recovery IBC - 2016

Regulators Adjudicators
(Legislative, Executive & Quasi judiciary)

IBBI
NCLT DRT

Corporate Non - Corporate

IPA IP IU

Liquidation
CA, CWA, CS Bankruptcy
Benefits of IBC

• Ease of doing business

• Benefit for Banks and ARC
• Freeing up of Locked up assets
• Increase of investment in the nation
• Corporate bond market improve

Features of IBC
• Time bound process (180 days + 90 days)
• Comprehensive law (Companies, LLP, Individuals, partnership firms etc)
• IBBI
• 10 member (include representatives from RBI and Gov.)
IBBI resolution sequence

Lenders Lenders

Approach Committee of
IP
NCLT/DRT Creditors

14 days to accept

Company dissolve /
Debt recast plan 180 days
Liquidate