IMPORTANCE OF INSOLVENCY AND BANKRUPTCY CODE, 2016
Insolvency And Bankruptcy Code, 2016 was the Modi Government’s revolutionary step which was passed by the Parliament in May 2016 and by the Council of States in the same month. It aimed to develop the relationship between the debtors and the creditors. Besides, it establishes a comprehensive, time-bound solution and exit strategy for the operation of companies from going bankrupt in India. Similarly, this code gives a roadmap to the legislature for directing creditor-driven insolvency resolution. Organizations, as well as individuals both, may apply for
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