An Introduction to Bankruptcy Law Services in India
Generally, Bankruptcy is a process by which individuals and businesses pay their debt entirely or pay back their debt over time. In 2016, the Indian Government enacted a law to simplify and expedite the insolvency and bankruptcy proceedings in India. The objective behind framing such law is to protect the interest of creditors including stakeholders in a company and to offer the necessary relief to the creditors who are waiting for their payment for a long time. Bankruptcy law applies to persons who have been declared bankrupt in court. This happens in two cases. 1- Assets are less than liabilities. 2- The person is unable to pay the debt. The key features of Bankruptcy areas are; Bankruptcy and insolvency adjudicator, insolvency resolution, and insolvency professionals. Indian Government’s amendment in insolvency and bankruptcy law in 2016 is one of the biggest economic reforms in the country. In 2016, the Indian Government introduced the Insolvency and Bankruptcy Code (IBC) to de