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International Corporate Rescue

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  • Vol 1 (2004)
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  • Vol 17 (2020)
  •         Issue 1
  •         Issue 2
  •         Issue 3
  •         Issue 4
  •         Issue 5
  •         Issue 6
  • Vol 18 (2021)

Vol 17 (2020) - Issue 6

Article preview

Revamping Resolution in India: The Need of the Hour

Shashwat Bhaskar, and Winy Daigavane, National University of Advanced Legal Studies (NUALS), Kochi, India

Synopsis
The Indian economy is in the middle of a financial turmoil, owing to the COVID-19 pandemic. With the potentially year-long suspension of the Insolvency and Bankruptcy Code, 2016, which is the key debt restructuring framework in India, the need of the hour is to explore other alternate mechanisms to revamp resolution. The article discusses five such mechanisms in detail: (a) pre-packaged insolvency, (b) the mechanism under the Micro, Small and Medium Enterprises Development Act, 2006, (c) the Reserve Bank of India Prudential Framework for Resolution of Stressed Assets, (d) schemes under the Companies Act, 2013, and (e) the concept of 'Bad Banks'. These mechanisms will also help reduce the burden on adjudicatory authorities in the country, with a significant backlog of IBC litigation already pending before the courts. Therefore, through this article, the authors intend to highlight why alternate approaches to the IBC, which further the objectives of the Indian insolvency regime, are required in the current situation.

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International Corporate Rescue

"International Corporate Rescue is truly unique in its reach as a global publication that gives in-depth commentary and analysis of the corporate restructuring and insolvency world against the backdrop of ever changing economic, policy and political parameters."

Kathleen Stephansen, Huawei Technologies USA, New York

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