The Insolvency and Bankruptcy Code, 2016
GPTKB entity
Statements (51)
| Predicate | Object |
|---|---|
| gptkbp:instance_of |
gptkb:law
|
| gptkbp:administered_by |
gptkb:Insolvency_and_Bankruptcy_Board_of_India
|
| gptkbp:aims_to |
promote entrepreneurship
protect the interests of creditors reduce the time taken for insolvency resolution balance the interests of all stakeholders |
| gptkbp:allows |
financial creditors to initiate insolvency proceedings
operational creditors to initiate insolvency proceedings |
| gptkbp:amended_by |
gptkb:Insolvency_and_Bankruptcy_Code_(Amendment)_Act,_2019
Insolvency and Bankruptcy Code (Amendment) Act, 2020 Insolvency and Bankruptcy Code (Amendment) Act, 2021 Insolvency and Bankruptcy Code (Amendment) Act, 2023 Insolvency and Bankruptcy Code (Amendment) Act, 2022 |
| gptkbp:applies_to |
gptkb:individuals
corporate entities |
| gptkbp:effective_date |
December 1, 2016
|
| gptkbp:enables |
resolution professionals to manage insolvency process
|
| gptkbp:enacted_by |
gptkb:Parliament_of_the_United_Kingdom
|
| gptkbp:encourages |
restructuring of viable businesses
|
| gptkbp:enhances |
ease of doing business in India
|
| gptkbp:establishes |
gptkb:Insolvency_and_Bankruptcy_Board_of_India
National Company Law Tribunal as adjudicating authority Debt Recovery Tribunal for individual insolvency |
| gptkbp:facilitates |
cross-border insolvency resolution
|
| https://www.w3.org/2000/01/rdf-schema#label |
The Insolvency and Bankruptcy Code, 2016
|
| gptkbp:improves |
credit culture in India
|
| gptkbp:includes |
Corporate Insolvency Resolution Process
Individual Insolvency Resolution Process Liquidation Process |
| gptkbp:is_criticized_for |
complexity of procedures
delays in resolution process |
| gptkbp:is_evaluated_by |
various stakeholders
|
| gptkbp:is_influenced_by |
global insolvency practices
|
| gptkbp:is_part_of |
Indian legal framework
|
| gptkbp:is_reviewed_by |
government bodies
|
| gptkbp:is_subject_to |
judicial review
|
| gptkbp:is_supported_by |
gptkb:business
creditors |
| gptkbp:mandates |
formation of Committee of Creditors
|
| gptkbp:provides |
time-bound resolution process
protection for employees during insolvency process moratorium on legal proceedings during insolvency process fast-track insolvency resolution for MSMEs |
| gptkbp:replaces |
The Personal Insolvency Act, 2015
The Sick Industrial Companies (Special Provisions) Act, 1985 The Recovery of Debts Due to Banks and Financial Institutions Act, 1993 |
| gptkbp:requires |
creditor approval for resolution plans
disclosure of financial information by debtors |
| gptkbp:bfsParent |
gptkb:14th_Lok_Sabha
gptkb:Insolvency_and_Bankruptcy_Code |
| gptkbp:bfsLayer |
7
|