Unnati Khanna, Symbiosis Law School, Pune
ABSTRACT
The Insolvency and Bankruptcy Code, 2016 is an integrated version of the fragmented legislations governing insolvency resolution, reorganisation and liquidation of companies. The rapid evolvement of IBC, since its enactment merely 5 years ago, either through judicial interventions or legislative steps, to fill in the implementational gaps is extra-ordinary and remarkable. However, the existing Code does not prescribe a framework for insolvency resolution proceedings of different corporate entities that come under a common umbrella an enterprise. The need for a uniform group insolvency regime in India is undeniable considering the complex nature of interlinkages and interconnections between group entities within an enterprise. This paper attempts to address several necessary considerations to be taken into account while codifying the group insolvency framework. In doing so, the paper discusses several categories evolved by judicial creativity with respect to group insolvency. Further, it delineates the legislative steps taken towards codification and finally, it delves into the important codification-related consideration that seek addressal to avoid implementational difficulties in the future.
Keywords: group, insolvency, codification, law, framework, India.
