To What Extent Has The Introduction Of The CIRP Under The IBC, 2016, Reformed The Traditional Winding-Up Framework Under The Companies Act, 2013, In Promoting A Resolution- Oriented Insolvency Regime
- IJLLR Journal
- Sep 7
- 1 min read
Joti Raagav NI, VIT Chennai
ABSTRACT
The Insolvency and Bankruptcy Code (IBC), 2016, witnessed a paradigm change in India's corporate resolution-focused insolvency regime from the traditional provisions of winding up under the Companies Act, 2013. The author addresses the extent of such reformations by examining the procedural framework, stake-holder results, and empirical implications of the Corporate Insolvency Resolution Process (CIRP) and the winding up process. The piece draws on legislative interpretation, judicial case law, and precedent, contends the IBC went much beyond in establishing problem- solving regime, enhancing creditor recoveries and reducing resolution periods, even granting that obstacles like judicial delay and concerns over valuation still exist. The paper adds to enhancing one's perspective towards India's new insolvency system and its comparison with international standards.
