IBC (Insolvency and Bankruptcy Code) is one of the biggest insolvency reforms that the parliament implemented in November 2016 to bring uniformity to India’s scattered bankruptcy laws. It was necessitated due to piling up of non-performing assets of banks and delay in debt resolution. IBC aims to reorganize and resolve the insolvency of Corporates in a time-bound manner. The sole intention of the Insolvency and Bankruptcy Code, 2016 is to provide a justified balance between:
The loss that a creditor might face because of the default and
The interest of all the stakeholders of the company so that they enjoy credit availability
