Bankruptcy

Bankruptcy in India is governed by the Insolvency and Bankruptcy Code (IBC), 2016. Here's an overview:

Key Aspects of Bankruptcy in India:

• Insolvency and Bankruptcy Code (IBC): A comprehensive law that governs insolvency and bankruptcy proceedings.
• National Company Law Tribunal (NCLT): The tribunal that handles corporate insolvency cases.
• Debt Recovery: The process of recovering debts from insolvent individuals or companies.

Types of Bankruptcy Proceedings:

• Corporate Insolvency Resolution Process (CIRP): A process to resolve insolvency of corporate debtors.
• Individual Insolvency: A process to resolve insolvency of individuals.

Key Concepts:

• Insolvency Professional: A professional who manages the insolvency process.
• Committee of Creditors: A committee that oversees the insolvency process.
• Resolution Plan: A plan to resolve the insolvency of a corporate debtor.

Importance:

The IBC provides a framework for:

• Efficient Insolvency Resolution: Resolving insolvency in a timely and efficient manner.
• Creditor Protection: Protecting the rights of creditors.
• Economic Growth: Promoting economic growth by facilitating the resolution of insolvent companies.

If you have specific questions or need further information on bankruptcy in India, feel free to ask!