#fundinsolvencyprocess

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The Insolvency and Bankruptcy Code, 2016 (IBC) stipulates a period that is 180 days which can be extended to a maximum of 330 days. In this period the Corporate Insolvency Resolution Process (CIRP) should be completed. Financial Creditor, Operational Creditor of the Corporate Debtor (CD), or the Corporate Debtor itself, can initiate the CIRP.

The objective of enacting Insolvency and Bankruptcy Code, 2016 is eminent to all. However, the undefining haircut offered to the creditors in Jet Airways and Videocon has opened a pandora’s box of criticism which has eventually questioned the foundation of the code. Distressed companies undergoing CIRP have become an easy bait for the financially viable companies by which they get the assets of stressed companies at a price way below the market price.