The Insolvency and Bankruptcy Code, 2016 offers a uniform, comprehensive insolvency legislation covering all companies, partnerships and individuals (other than financial firms). One of the fundamental features of the IBC is that it allows creditors to assess the viability of a debtor as a business decision and agree upon a plan for its revival or a speedy liquidation. The IBC creates a new institutional framework, consisting of a regulator, insolvency professionals, information utilities and adjudicatory mechanisms, that will facilitate a formal and time bound insolvency resolution process and liquidation. The IBC overrides all other laws on the matters pertaining to insolvency and bankruptcy.
Broad-spectrum of services vis-à-vis insolvency and bankruptcy matters include: