Interplay And Overlapping Insolvency And Bankruptcy Code And Sarfaesi Act

Pavitra Somani & Piyush Koshire, University of Mumbai Law Academy, Kalina Campus

ABSTRACT

Since the introduction of Insolvency and Bankruptcy Code, 2016, it has been given more preference over the SARFAESI Act. Insolvency and Bankruptcy Code, 2016 consists of a non-obstante clause which mentions that the provisions of the same will have an overriding effect on the other acts relating to the resolution model such as Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act and DRT Act. Creditors have also preferred IBC over the other acts as it provides for a comprehensive and time-bound mechanism for the revival or liquidation.

Keywords: Insolvency, Bankruptcy, Resolution process, Moratorium, Securitization, Reconstruction, Security interest

Indian Journal of Law and Legal Research

Abbreviation: IJLLR

ISSN: 2582-8878

Website: www.ijllr.com

Accessibility: Open Access

License: Creative Commons 4.0

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