The Insolvency and Bankruptcy Code, 2016 (IBC), which came into force in August, 2016 replaced a host of existing insolvency laws. More stringent in nature, the legislation was enacted to address the growing concern of corporate defaults in a phased and time-bound manner. It is also intended to streamline liquidation of NPAs, expedite debt recovery and insolvency resolution mechanism as a whole.
A whopping 2000 applications were filed ever since the legislation came into effect and the number is only increasing. Some very crucial decisions have been laid out taken in the initial cases that were filed before the NCLT and the NCLAT.
In our quest to continually gain and share knowledge, we bring to you judgements on IBC case laws that setting precedent(s) and paving the way for smoother insolvency resolution in the future.