Insolvency Code

India revised its bankruptcy and insolvency resolution laws in the form of the Insolvency and Bankruptcy Code, 2016 (“Insolvency Code”).  The Insolvency Code intends to complete all corporate insolvency resolution processes in a time bound manner.  The sluggishness of India’s insolvency processes was one of the major reasons for its low position in the Ease of Doing Business Rankings of the World Bank Group. The Insolvency Code proposes to redress this long standing demand of the business and banking community in India.