Corporate Insolvency Resolution Process

The Insolvency and Bankruptcy Code, 2016 (¿Code¿/ IBC) is the new and comprehensive insolvency and bankruptcy economic reforms of India which seeks to consolidate the existing framework. The Code inter alia provides for Corporate Insolvency Resolution Process which involves a number of stakeholders including insolvency professionals as well as financial creditors, operational creditors, corporate debtor and its promoters, committee of creditors (CoC), liquidators. The adjudication mechanism under the Code includes Adjudicating Authority (NCLT), Appellate Authority (NCLAT), and Supreme Court being the Apex Court. The mechanism also includes orders that are passed by the Regulatory Body to direct the various stakeholders about their conduct during the Corporate Insolvency Resolution Process.