The Insolvency and Bankruptcy Code, 2016 (IBC) is one of the most important and major economic reforms that took place in the country recently. We are witnessing the implementation of Insolvency Resolution Framework as established in the Code, which is focussed on revival of businesses by resolution process. This will clearly bring the change in the prospects of both creditors and debtors.
To strengthen the framework, further amendments are being made to the Code and the Regulations. The Insolvency and Bankruptcy Code (Amendment) Ordinance, 2017 was promulgated by the President in November 2017. The Ordinance later got replaced by Insolvency and Bankruptcy Code (Amendment) Act 2018 in January 2018. Recently promulgation of the Insolvency and Bankruptcy Code (Amendment) Ordinance, 2018 took place on 6th June 2018. Some of the Regulations under the Code have also been amended.
It has been an year now since RBI identified 12 Accounts for Reference by Banks under IBC. One case out of 12 has been resolved as of now. The outcome of the other cases are been eagerly awaited by all stakeholders involved in the proceedings. Besides these, the developments in the other major cases are also been keenly watched.
Precedents in the form of some complex case laws may help the resolution of cases in future. So the Judicial Pronouncements are of utmost importance for the professionals and other stakeholders to understand the various aspects of the Insolvency and Bankruptcy Law.
The Insolvency and Bankruptcy Laws Group under Corporate Laws & Corporate Governance Committee (CLCGC), formed by the Institute with a view to give specific focus on the Insolvency and Bankruptcy Laws, has taken various initiatives towards creation of awareness and knowledge dissemination about the new Code and the professional opportunities in this new area of practice. The Group conducts Intensive training programmes/ webcast for preparation of IBBI Limited Insolvency Examination. The Group also brings out publications to help members to understand the Code better.
In furtherance of all these initiatives, the Insolvency and Bankruptcy Laws Group jointly with the Indian Institute of Insolvency Professionals of ICAI (IIIPI) has decided to bring out a publication on Judicial Pronouncements under Insolvency and Bankruptcy Code, 2016 in the form of a series. The Series 1 is being brought out with this publication.
The publication would cover important Case Analysis based on the decisions by Supreme Court, High Courts, NCLAT and NCLT on issues under the Code.
Link to Download Publication:- https://resource.cdn.icai.org/51444clcgc41180.pdf