The Insolvency and Bankruptcy code (IBC) - Need meaningful
The Insolvency and Bankruptcy code (IBC) - Need meaningful The Insolvency and bankruptcy code (IBC) was passed and became effective in the year 2016, by the parliament. The IBC splits the creditors as financial and operational, which provides top rights to the financial creditors to control the appointment of the resolution professional and choose the resolution plan. This law will able to protect the interests of small investors and create the process of doing business with a trouble free process.It also helps to give the lenders to access, foreign assets of loan defaulters. It is made to be strengthened with the additional of provisions covering Cross-border insolvency. If any company went bankrupt in India, which have a foreign asset - so the lenders can access the foreign assets of them. Country's Cross-border insolvency law also inline with the UNCITRAL (United Nations Commission on International trade law) model. If any other country...