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The Insolvency & Bankruptcy Code 2016 in India

Insolvency and Bankruptcy code of 2016 was a need of ours. Watch this presentation to see the definition of the code and its need. <br><br>https://goo.gl/Kic5FQ<br>

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The Insolvency & Bankruptcy Code 2016 in India

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  1. Insolvency and Bankruptcy Code 2016 Presented By: Resgitrationwala

  2. What is Insolvency and Bankruptcy Code (IBC) 2016  IBC refers to Insolvency and Bankruptcy Code 2016.  This code is associated with the rules to resolve insolvency and bankruptcy.  This code is specified in the Companies Act(Amendment) 2016. Registrationwala

  3. Purpose of Insolvency and Bankruptcy Code (IBC) 2016  To establish Insolvency and Bankruptcy Board of India  To upgrade certain rules associated with Insolvency and Bankruptcy  To removes outdated rules associated with Insolvency and Bankruptcy  To maximize the availability of credit in the market  To aid emerging entrepreneurs  To establish rules Professionals  To establish rules for institutes that provides insolvency professionals.  To establish proper adjudicating authorities for the Insolvency

  4. Features of Insolvency and Bankruptcy Code (IBC) 2016  Different tribunals for different type of debtors/creditors for insolvency resolution  For individual debtors/creditors: Debt Recovery Tribunal  For Corporate debtors/creditors: National Company Law tribunal  Insolvency regulatory body is IBB  Insolvency adjudicating bodies are NCLT and DRT  Insolvency resolution process can be initiated by creditors or the debtors

  5. Need of Insolvency and Bankruptcy Code 2016  Previous insolvency and bankruptcy regime was way too distributed.  Conflict in claims are prevalent.  Access to credible financial data is limited.  The protected. workers are needed to be  Need to free the locked up assets.

  6. Process of Insolvency Resolution  Default payment.  Application filed with NCLT or DRT.  Appointment of professional.  Formation of committee of creditors.  Information prepared by professional.  Creditor prepares a resolution plan.  Committee of creditors approve of the insolvency resolution plan.  The plan can either be resolution or liquidation. an insolvency memorandum the is Insolvency

  7. Contact Us https://www.registrationwala.com/knowledge- base/insolvency/bankruptcy +91-8882-580-580 support@registrationwala.com

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