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• W2595498575 abstract "India is ranked 136 among 189 countries in the World Bank's ease of doing business index in the category of resolving insolvency. While, India's overall ranking is 130.The Minister of India, Mr Arun Jaitley, had in his Budget Speech 2015-16 identified the reform of the bankruptcy law as a key priority for improving the ease of doing business and had announced that a comprehensive Bankruptcy Code, meeting global standards and providing necessary judicial capacity, will be brought in this financial year. The proposed bankruptcy code will cover individuals, companies, limited liability partnerships and partnership firms, and proposes a time-bound framework.BankruptcyBankruptcy is a legal maneuver in which an insolvent debtor seeks relief. The situation arises when assets of a person are insufficient to meets its outsiders liability.It is a determination of insolvency in any competent court of law. The insolvent debtor is bound to surrender his remaining assets to his creditors to discharge his liabilities.Insolvency refers to a situation where individuals or organisations are unable to meet their financial obligations. If insolvency cannot be resolved, a company proceeds towards liquidation of assets, and an individual goes in for bankruptcy resolution.There arefollowingreasons why companies become bankrupt:* Dynamic business environment.* Contraction of demand of its product.* Cheaper Imports.* Upgradation of technology.* High input cost in competitive environment.* Inefficient management or internal frauds.Why does India need a bankruptcy law?The failure of businesses impacts employees, shareholders, lenders, industry and the broader economy. In a resource scarce economy like India, any business failure with little hope of revival makes more sense in shutting down. Those vital resources can be put to another venture. A hassle free and speedy closure process saves companies time, efforts, money and other resources. Investors prefer a conducive environment where entry and exit are hassle free.In case the company is going through financial distress only a well-managed restructuring of the company can be a better option. But, an efficient institutional and legal mechanism is required either in revival or in winding up. The interests of all the stakeholders must also be taken care of while creating any mechanism.But, India has plethora of laws which are applied in case of bankruptcy. The compliance to these laws is more often than not a difficult and time consuming task. The process for rehabilitation, regulated by the Sick Industrial Companies (Special Provisions) Act 1985 through the institutional structure of BIFR is amenable to delays and does not provide a balanced or effective framework for all stakeholders. The process of liquidation and winding up is costly, inordinately lengthy and results in almost complete erosion of asset value. So, the Indian system provides neither an opportunity for speedy and effective rehabilitation nor for an efficient exit.A recent survey by World Bank (Doing business in 2005 India Regional Profile) has pointed out that it took 10 years on an average to wind up / liquidate a company in India as compared to 1 to 6 years in other countries. Such lengthy time-frames are detrimental to the interest of all stakeholders. The process should be time-bound, aimed at maximizing the chances of preserving value for the stakeholders as well as the economy as a whole.The current provisions for dealing with sick companies in IndiaThe Sick Industrial Companies (Special Provisions) Act (SICA) of 1985 was enacted in India to determine the extent of sickness in industrial units, expedite the revival of potentially viable companies and close unviable units to release investment locked up in them for productive use elsewhere. SICA defined a sick industrial unit as one that had existed for at least five years and had incurred accumulated losses equal to or exceeding its entire net worth at the end of any financial year. …" @default.
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• W2595498575 date "2015-12-01" @default.
• W2595498575 modified "2023-09-22" @default.
• W2595498575 title "The Insolvency and Bankruptcy Code, 2015: A Road towards Unified Legislative Framework" @default.
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