Ankita Pugalia 
Why was Fast Track Corporate Insolvency Resolution Process introduced? Fast Track Corporate Insolvency Resolution Process was introduced in India following the Bankruptcy Law Reforms Committee report, which remarked that the timeframe for insolvency resolution process for certain classes of corporates can be shortened, thereby introducing a new framework. The timeframe for insolvency resolution process of […]
The term ‘bankrupt’ is derived from Italian expression ‘banca rotta’, which means ‘broken bench’. Insolvency and bankruptcy are closely related terms often used interchangeably in discussions about debt. Insolvency is a condition that applies to both individuals and organizations. If not resolved, insolvency may evolve into bankruptcy for individuals and liquidation for corporations. Let us […]
Previously, the winding up was dealt with under the Companies Act, 1956 / the Companies Act, 2013. Thereafter, Insolvency and Bankruptcy Code was enacted in the year 2016 which came up with a new process namely the Corporate Insolvency Resolution Process (CIRP). CIRP aims to resolve the defaulting companies in a time-bound manner and maintain the […]
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