Insolvency and Bankruptcy Code: Role of Resolution Professionals

ABSTRACT

The objective with which Insolvency and bankruptcy code was enacted was to provide an IB board of India. It is a consolidated statute enacted to amend the laws relating to insolvency resolutions. It is enacted to improve the position of business in world and to enhance the country’s economic position and to provide time bound resolution. Landmark feature of this Code was to regulate debtor’s estate for advance of credit. Insolvency arises when an individual or an organization could not pay its financial dues to its lenders. Insolvency refers to a condition whereas Bankruptcy is a legal status. Bankruptcy is a declaration of one’s status. Bankruptcy is a declaration of one’s inability to pay their debts when bankruptcy is field one is under obligation to pay off whatever is owned with government help.

FULL TEXT