Revival of Corporates Under Insolvency and Bankruptcy Code 2016

Abstract

The paper will be dealing analysis of corporate revival which is taking placing under Insolvency and Bankruptcy Code 2016. The analysis is done on the basis of three research questions. In the first Chapter of this article is dealing with identification of provisions in Insolvency and Bankruptcy Code, exclusively dealing with revival of companies. Each provision is elaborately discussing and identifying the peculiarity which makes corporate revival happen. The paper has identified six provisions. These provisions are compared with earlier legislation i.e Sick Industrial Companies Act (SICA) 1985 and novelty of code is identified. In the second Chapter, the paper is evaluating the working of Insolvency and Bankruptcy Code. It includes the statistical data of cases under the Code. In the analysis it was found that Code is not successful with revival of companies. Subsequently the paper will discuss the issues raised by various stakeholders. It starts with the National Company Law Tribunal findings in various judgments. Followed by the findings Insolvency Committee Report which is a committee constituted by the Ministry of Corporate Affairs for the analysis of Insolvency and Bankruptcy Code. The paper also discussing of issue raised from corporate Stakeholder. In the third Chapter, the paper give recommendations for the effective working of the Code. The recommendation will be solution for the issues identified with various stakeholders. The paper is giving five recommendations for the effective revival of companies.