The Insolvency and Bankruptcy Code (IBC) 2016 is a comprehensive and systemic economic reform by India that consolidates all existing laws dealing with Insolvency & Bankruptcy. Visit here:- https://ancoraa.com/blog/insolvency-and-bankruptcy-code

1. Insolvency and Bankruptcy Code
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2. What is Insolvency and Bankruptcy
Code?
 The Insolvency and Bankruptcy Code (IBC) 2016 is a systemic economic
reform by India that consolidates all existing laws dealing with insolvency
and bankruptcy.
Insolvency and Bankruptcy Code

3. Objectives of IBC
 The Insolvency and Bankruptcy Code aims to reorganise and resolve the
insolvency of corporations, individuals, and partnerships in a timely
fashion. IBC 2016 intends to provide a justified balance between:
 the loss that a creditor may face because of the default
 the interests of all the stakeholders of the company
Insolvency and Bankruptcy Code

4. Four Pillars of IBC Infrastructure
 Insolvency Professionals (IPs) – An IP is a vital component of the IBC
ecosystem and is regulated by licensed professionals.
 Information Utilities (IUs) – IUs collect, consolidate, authenticate, and
disseminate corporate debtor financial information for insolvency
purposes.
 Adjudicating Authorities (AAs) – AAs are specialised tribunals charged
with ensuring that the Insolvency and Bankruptcy procedures are carried
out in accordance with the IBC laws.
 Insolvency and Bankruptcy Board of India (IBBI) – IBBI oversees
Insolvency Professionals, IPEs (Insolvency Professional Entities), IPAs
(Insolvency Professional Agencies), and IUs (Information Utilities).
Insolvency and Bankruptcy Code

5. Origins of IBC
 With effect from December 1, 2016, the IBC repealed the Sick Industrial
Companies Act, 1985 (SICA) and became the primary body. The perpetual
moratorium protection (which was sometimes misused by debtors in
possession) and the lack of a time-bound resolution process were two of
the key reasons for SICA’s failure.
Insolvency and Bankruptcy Code

6. Benefits of the IBC
The Insolvency and Bankruptcy Code successfully addresses various
deficiencies of the previous insolvency resolution procedure and benefits all
stakeholders in the following ways:
 Timely resolution of insolvencies
 Resolution of all old defaults
 Prevents fraudulent activities by debtors
Insolvency and Bankruptcy Code

7. Wrapping Up:
 Notably, the IBC is still a rapidly evolving legislation that is maturing with
additions/amendments to the statute, its rules and regulations, and with
each new Hon'ble Supreme Court, NCLAT, and NCLT judgement.
Insolvency and Bankruptcy Code

8. Thank you
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