Insolvency and Bankruptcy Code 2016, is the biggest reform in India and deals with consolidating various insolvency laws of India. [Akshay Anurag] [This article was first published on Corporate Professional Today (Taxmann). When IBC came in 2016, everything was new, and there was no insolvency professional, IBBI or all members of the NCLT, everything was created afresh, but it worked, he added. Post IBC - Inter-play between SICA, RDDBI, SARFAESI and IBC ... All pending matters before BIFR are abated as the sickness/ insolvency criterion in IBC is very different from what is in SICA . Read more about Govt plans to amend IBC 2016 to address cross-border insolvency: MS Sahoo on Business Standard. The article is about the critical analysis of Insolvency And Bankruptcy Code, 2016 (IBC) under which its basic structure, its effect on legislation, impact on the Indian debt market, objective of IBC and key aspects with major challenges it faced are mention. The first Indian company that will undergo the cross-border insolvency proceedings under Insolvency and Bankruptcy Code,2016, and UNCITRAL model law is Jet Airways. Cross-border insolvency. Introduction In the current scenario, India does not have any legal framework regulating cross border insolvency. Cross border insolvency in India is legal terrain that is wholly unregulated. Role of Professionals. Shah Brothers Ispat Pvt. While the introduction of Insolvency and Bankruptcy Code in the year 2016 was seen as one of the most significant reforms in the legal history of Indian Banking sector, the enactment miserably failed to address the fundamental issues related to Cross-Border insolvency in a holistic manner. On Thursday, Sahoo had said the government is keen to introduce a globally accepted and well-recognised cross-border insolvency framework, which will make India an attractive investment … Cross Border Insolvency and IBC 2016. The first section provides a background to the paper. ... 2016 (hereinafter "IBC") was hailed as a major reform in the insolvency landscape in India. Jet Airways owes 8,000 crores to its lenders and the total debt amount of approximately 25,000 crores that includes the dues of operational creditors as well. View Cross Border Insolvency under IBC.docx from LAW LAW311 at Virginia College. It provides for the implementation of Cross-border and Personal insolvency laws. Recently, the Hon’ble Supreme Court of India has, in the matter of P. Mohanraj & Ors.Vs M/s. a Cross-Border Insolvency Regime within the Insolvency and Bankruptcy Code, 2016 Ishita Das KEY WORDS Cross-border Bankruptcy Insolvency IBC UNCITRAL Model Law The research article has been divided into three sections to achieve the core aim. MUMBAI: Insolvency and Bankruptcy Board of India chairman M S Sahoo on Saturday said work is on to amend the Insolvency and Bankruptcy Code 2016 that will address cross-border insolvency. 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