IBC Code, 2016: Expert Advice is The Way to Go
India has finally brought in an effective Mechanism for initiating insolvency proceedings against the Financially defaulting Companies by way of The Insolvency and Bankruptcy Code, 2016. The IBC offers a standardized, comprehensive financial condition legislation encompassing all corporations, partnerships and Sole Proprietorship. The Code provides that where a corporate debtor has defaulted in paying a debt that has become due and payable but not repaid, the corporate insolvency resolution process may be initiated in the manner as provided in this Chapter in respect of such corporate debtor by a financial creditor, an operational creditor or the corporate debtor itself. Naturally, the processes are complicated and the stakes are high. This increases the necessity of expertise being sought from firms or individuals with requisite experience to handle such cases and do what is best for their clients. Not everybody can advice and resolve matters involving multiple stakeholders with