Abstract:

The Insolvency and bankruptcy code, 2016 is the bankruptcy law of India which seeks to consolidate the existing framework by creating a single law for insolvency and bankruptcy in the past insolvency regulation process included operations of simultaneous acts . In this it was changed and several insolvency laws were consolidate which creating a single law. These include the Sick Industrial Companies Act, 1985. The recovery of debt due to banks and financial Institutions Act, 1993, the Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 and the Companies Act, 2013. This code provides a genuine rehabilitation and restructuring of the company. The IBC process gives substantial power to financial creditors, both domestic and foreign.

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