Bankruptcy and Insolvency law
Bankruptcy and insolvency law in India is the body of laws and regulations that govern the process of resolving financial insolvency, in which an individual or a company is unable to pay its debts as they come due.
In India, bankruptcy and insolvency are governed by the Insolvency and Bankruptcy Code, 2016 (IBC). The IBC provides a framework for the resolution of insolvency for individuals, companies, and partnership firms. It establishes a process for the appointment of insolvency professionals, who are responsible for managing the insolvency resolution process and representing the interests of creditors.
The IBC provides for two main types of insolvency resolution processes:
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Corporate insolvency resolution process (CIRP): applies to companies and partnership firms
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Individual insolvency resolution process (IIRP): applies to individuals
The IBC also establishes the National Company Law Tribunal (NCLT) and the National Company Law Appellate Tribunal (NCLAT) to handle cases related to bankruptcy and insolvency.
If you are facing financial insolvency in India or have legal issues related to bankruptcy and insolvency, it is important to seek the advice of a lawyer who has experience in this area of law and is familiar with the IBC and the insolvency resolution process.