Insolvency and Bankruptcy Reforms in India

Insolvency and Bankruptcy Reforms in India PDF

Author: Susan Thomas

Publisher: Springer Nature

Published: 2022-11-30

Total Pages: 198

ISBN-13: 9811608547

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This book is about the establishment of the Insolvency and Bankruptcy Code, in 2016, one of the most important new developments in Indian commercial law. The law has major implications for firms, their creditors, and a variety of the professional services that feed into the decisions of borrowers and lenders including lawyers, accountants and valuers. A new profession of insolvency professionals has come to exist owing to the law. There are several questions about bankruptcy reform in the mind of researchers, policy makers and practitioners. How has the reform progressed? How has it reshaped the incentives of firms? What are the difficulties faced? What are the optimal paths for borrowers and lenders and their advisors under the rubric of the law? How should laws and institutions be modified? The book has a unique set of chapters, by key people who have shaped the field which offer novel insights into these questions. The book has been edited by key people who have worked on bankruptcy reform since 2010. Dr. Sahoo has been the chairperson of the Insolvency and Bankruptcy Board of India since the establishment of this regulatory agency. Dr. Thomas was a member of the Bankruptcy Law Reforms Committee which drafted the IBC, and led the internal team of the BLRC which drafted the law. The book is an authentic and credible analysis of the happenings in the Indian insolvency and bankruptcy ecosystem from the start, with interest areas for international and domestic, economics/finance and law, researcher and practitioner communities.

Corporate Insolvency Law and Bankruptcy Reforms in the Global Economy

Corporate Insolvency Law and Bankruptcy Reforms in the Global Economy PDF

Author: Kashyap, Amit

Publisher: IGI Global

Published: 2018-09-28

Total Pages: 261

ISBN-13: 1522555420

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With the increasing interdependence of global economies, international relations are becoming a more complex system. Through this, the growth of any economy is dependent upon the ease of business transactions; however, in recent times, there has been a growing impact of corporate insolvency law. Corporate Insolvency Law and Bankruptcy Reforms in the Global Economy is an essential reference source that discusses the importance of insolvency laws in the financial architecture of emerging economies, as well as its fundamental issues. Featuring research on topics such as business restructuring, debt recovery, and governance regulations, this book is ideally designed for law students, policymakers, economists, lawyers, and business researchers seeking coverage on the jurisprudence and policy of corporate insolvency law in a globalized context.

Insolvency Reforms: A New Dataset for India's Insolvency Cases

Insolvency Reforms: A New Dataset for India's Insolvency Cases PDF

Author:

Publisher:

Published: 2017

Total Pages:

ISBN-13:

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Abstract: The legal framework for insolvency resolution in India underwent a structural change when the Insolvency and Bankruptcy Code, 2016 (IBC) was passed in May 2016. Once the provisions relating to corporate insolvency were notified (November 2016), the first cases of insolvency started being admitted in the National Company Law Tribunal (NCLT), the quasi-judicial tribunal vested with adjudication powers under the IBC. The final orders on these cases became the first public records of India's new insolvency framework. In a recent working paper titled Watching India's insolvency reforms: a new dataset of insolvency cases, we introduce a new dataset of all final orders passed by the NCLT and the appellate forum, the National Company Law Appellate Tribunal (NCLAT) under the IBC. In the paper, we also illustratively apply the data to answer questions about the economic impact of the IBC and the functioning of the judiciary under it. This article presents some summary statistics on the IBC a

Bankruptcy Reform and Its Implication on the Economy

Bankruptcy Reform and Its Implication on the Economy PDF

Author: Harish Kamal

Publisher:

Published: 2023

Total Pages: 0

ISBN-13:

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The study investigates the impact of bankruptcy reform, Insolvency and Bankruptcy Code (IBC) 2016, on the bank's transformation risk across Indian states. Using state-level data over the period of 2012 to 2019 and by employing a difference-in-difference methodology, we find a significant increase in the financial depth among states with high bank transformation risk compared to other states in the post-IBC period. Further exploration suggests that the IBC has relaxed entrepreneurs' financial constraints, causing an increase in the real economic activities among states with high transformation risk than those with low transformation risk. Furthermore, we find that the reform has significantly increased household income and reduced their reliance on the government-sponsored employment guarantee scheme. Our results are robust to a battery of tests on potential endogeneity concerns. Our study highlights the importance of a sound bankruptcy design to optimally balance the bargaining power of borrowers and lenders which essentially increases the pay-off of both parties during bankruptcy proceedings. That, in turn, contributes significantly to the financial and economic development across states.

Orderly and Effective Insolvency Procedures

Orderly and Effective Insolvency Procedures PDF

Author: International Monetary Fund

Publisher: International Monetary Fund

Published: 1999-08-02

Total Pages: 108

ISBN-13: 9781557758200

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Written by IMF's Legal Department, this book outlines the key issues involved in designing and implementing orderly and effective insolvency procedures, which play a critical role in fostering growth and competitiveness and may also assist in the prevention and resolution of financial crises. The book draws on lessons learned from firsthand experience by some of the IMF's 182 member countries. It includes an analysis of the major policy choices that countries need to address when designing an insolvency system, a discussion of the advantages and disadvantages of these choices, and a number of specific recommendations.

Insolvency and Bankruptcy Code

Insolvency and Bankruptcy Code PDF

Author: Ambika Shekhawat

Publisher:

Published: 2019

Total Pages: 9

ISBN-13:

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The Indian Parliament passed The Insolvency and Bankruptcy Code, 2015 on May 12, 2016 that may prove to be the long awaited and much needed panacea for the banks ridden with Non-Performing Assets (NPAs). For quite some time now, Indian PSU Banks have been suffering with the malaise of rising NPAs and suffering from the inordinate delays in recovering their debts due to the multiplicity of laws governing the bankruptcy laws.The Bankruptcy code was put forward by the Bankruptcy Law Reforms Committee (BLRC) in November 2015 headed by Dr. T K Viswanathan. The commission in its report identified that creditors in India are often powerless while trying to repossess their debts from the debtors. 1. The recovery rate in India is one of the lowest in the world i.e. just about 20% of the debt.2. Under such circumstances, the lenders will not be willing to lend. As a result, most of the concentration of the lending is with only the huge corporate firms where probability of default is far lesser.The Code has been enacted at a very critical time for the Indian economy when the domestic banking industry is struggling with a welter of bad loans and eagerly looking for a legal framework to manage stress situations in a time-bound and efficacious manner.

Insolvency Prospects Among Small-and-Medium-Sized Enterprises in Advanced Economies

Insolvency Prospects Among Small-and-Medium-Sized Enterprises in Advanced Economies PDF

Author: Mr.Federico J Diez

Publisher: International Monetary Fund

Published: 2021-04-02

Total Pages: 29

ISBN-13: 1513574566

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The COVID-19 pandemic has increased insolvency risks, especially among small and medium enterprises (SMEs), which are vastly overrepresented in hard-hit sectors. Without government intervention, even firms that are viable a priori could end up being liquidated—particularly in sectors characterized by labor-intensive technologies, threatening both macroeconomic and social stability. This staff discussion note assesses the impact of the pandemic on SME insolvency risks and policy options to address them. It quantifies the impact of weaker aggregate demand, changes in sectoral consumption patterns, and lockdowns on firm balance sheets and estimates the impact of a range of policy options, for a large sample of SMEs in (mostly) advanced economies.

Doing Business 2020

Doing Business 2020 PDF

Author: World Bank

Publisher: World Bank Publications

Published: 2019-11-21

Total Pages: 241

ISBN-13: 1464814414

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Seventeen in a series of annual reports comparing business regulation in 190 economies, Doing Business 2020 measures aspects of regulation affecting 10 areas of everyday business activity.

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