What are the key objectives of the Insolvency and Bankruptcy Code (IBC), 2016? To what extent has it been successful in achieving them?

The Insolvency & Bankruptcy Code 2016 has launched to simplify dissolution and bankruptcy procedure for distressed companies. Key objectives: i To enhance Cost of Doing business in India by simplifying liquidation. ii Norms ruled based dissolution Offing fair return to distress creditors & investors. iii To fasten liquidation process by deadline of 180 days LRP & 330 days CRP

iv Not yet noted to liquidation but search alternatives for continuation. Sucess of IBC, 2016: i Creation of Specialized Debt recovery Tribunals & Wational company laws Appellate Tribunals have simplified process. ii Increased recovery of assets & returns to creditors from liquidifying companies. iii. Liquidity of Industry landmark & Indian insolvency bankrupt has formalized liquidation process. IV. Reduction in overall time for resolution and Homebase continuity to suffer from following Shortcomings: i Smaller NSMEs not using CRP process made for there. ii Details is on liquidation and not reaching for Alternatives to Continue company. iii Smaller NSMEs not using CRP process made for there. iv. Delays in resolution not followed -> breach average time 552 days. V. Largescale tendency at DRT & NCLAT level. VI Delays is on liquidation and not reaching for Alternatives to Continue company. VII Smaller NSMEs not using CIP process made for there. Way Forward: i Greater emphasis in adhering to ii Launch Varying alternatives to dissolution a Creditor on board of distressed iv The realization of full Potentiel of IBC 16 will fully achieve use of deep business and make India a hub of business