Insolvency Law Making Post IBC, 2016 - Role And Function Of Insolvency Law Committee
- IJLLR Journal
- 12 hours ago
- 1 min read
Mrinalini Siddhanti, LL.M., NALSAR University of Law, Hyderabad
ABSTRACT
This paper examines the pivotal role and function of the Insolvency Law Committee in shaping India's insolvency regime following the implementation of the Insolvency and Bankruptcy Code (IBC) in 2016. The IBC marked a watershed moment in India's economic reforms, aimed at addressing the long-standing challenges of debt resolution and corporate insolvency. In this context, the Insolvency Law Committee emerged as a crucial body tasked with reviewing the implementation of the IBC and recommending necessary amendments to enhance its effectiveness. The research explores how the Committee, through its advisory capacity, has influenced the evolution of insolvency law in post-IBC India. It analyzes the Committee's composition, mandate, and working methodology, highlighting its function as a bridge between stakeholders, policymakers, and the judiciary. The paper delves into key recommendations made by the Committee and their subsequent impact on legislative amendments and regulatory frameworks.
The paper critically assesses the ILC's strengths, limitations, and future directions, providing insights into its potential role in adapting insolvency laws to emerging economic realities. This research contributes to the understanding of the ILC's significance in the ongoing evolution of India's insolvency law framework and its impact on insolvency proceedings and outcomes.
Keywords: Insolvency and Bankruptcy Code (IBC), Insolvency Law Committee, corporate insolvency, debt resolution, law-making, regulatory framework, economic reforms, jurisprudence, stakeholder consultation, legislative amendment. Cross-border insolvency, economic adaptation.
