What is the purpose of Insolvency and Bankruptcy Code 2016? 1. Th consolidate & amend the laws relating to insolvency & bankruptcy; 2. To fix the time periods for execution of the law in a time bound manner; 3. To increase the availability of credit; 4. To balance the interests of all stakeholders including alteration in the order of priority of payment; 5. To establish an Insolvency & Bankruptcy Board of India as a regulatory body for insolvency & bankruptcy law. With the recent changes in the legal landscape of India, the Insolvency & Bankruptcy Code, 2016 (“Code”) is the biggest and major legal reforms in the recent times, which has curtailed the earlier extensive process of debt recovery and insolvency. The Code has repealed around eleven laws and provides a comprehensive and time bound mechanism to either put a distressed entity on a firm revival path or timely liquidation of assets. The Adjudication Authority for companies shall be National ...
Equi Corp Associates (ECA) is a multispecialty law firm based in Delhi/NCR, India for providing affordable access to legal counsel benefitting start-ups, small and growing businesses, social business enterprises, impact investors and non-profit organizations. ECA boutique service offerings are primarily at the intersection of start-up, sustainable development, social enterprise and investment sectors, designed to help clients wade through laws that were not originally designed with them in mind.