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{{Short description|Act of the Parliament of India}}
{{Use dmy dates|date=May 2016}}
{{Use dmy dates|date=May 2016}}
{{Use Indian English|date=May 2016}}
{{Use Indian English|date=May 2016}}
{{Infobox legislation
{{Infobox legislation
|short_title        = The Insolvency and Bankruptcy Code, 2016
|short_title        = Insolvency and Bankruptcy Code, 2016
|legislature        = [[Parliament of India]]
|legislature        = [[Parliament of India]]
|imagesize          = 105
|imagesize          = 105
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{{Insolvency|By Country=India}}
{{Insolvency|By Country=India}}
The '''Insolvency and Bankruptcy Code, 2016''' ('''IBC''') is the bankruptcy law of India which seeks to consolidate the existing framework by creating a single law for insolvency and bankruptcy. The Insolvency and Bankruptcy Code, 2015 was introduced in [[Lok Sabha]] in December 2015. It was passed by [[Lok Sabha]] on 5 May 2016 and by [[Rajya Sabha]] on 11 May 2016.<ref>{{citation|title=Lok Sabha passes bill to fast track debt recovery|date=2 August 2016|url=http://m.economictimes.com/news/economy/lok-sabha-passes-bill-to-fast-track-debt-recovery/articleshow/53495364.cms|work=[[The Economic Times]]}}</ref> The Code received the assent of the President of India on 28 May 2016.<ref>{{cite web|url=http://egazette.nic.in/WriteReadData/2016/169882.pdf|title=Insolvency and Bankruptcy Code|publisher=Gazette of India|access-date=31 May 2016}}</ref> Certain provisions of the Act have come into force from 5 August and 19 August 2016.<ref>{{cite web|title=Notification|url=http://egazette.nic.in/WriteReadData/2016/171374.pdf|website=E-Gazette|publisher=Gazette of India|access-date=22 August 2016}}</ref> The bankruptcy code is a one stop solution for resolving insolvencies which previously was a long process that did not offer an economically viable arrangement. The code aims to protect the interests of small investors and make the process of doing business less cumbersome.<ref>{{Cite news|url=http://www.cppr.in/article/the-bankruptcy-code-for-india-a-step-to-ease-doing-business/|title=The Bankruptcy Code for India – A step to ease ‘Doing Business’?|date=2015-12-16|work=Centre for Public Policy Research (CPPR)|access-date=2017-12-07|language=en-US}}</ref>
The '''Insolvency and Bankruptcy Code, 2016''' ('''IBC''') is an [[Law of India|Indian law]] which creates a consolidated framework that governs insolvency and bankruptcy proceedings for companies, partnership firms, and individuals.
The IBC has 255 sections and 11 Schedules.
 
== Background ==
Prior to the IBC, the legislative framework for insolvency and restructuring was fragmented across multiple legislations, such as the [[Companies Act 2013]], the Sick Industrial Companies (Special Provisions) Act, 1985, [[Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002|Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002]], the Recovery of Debts due to Banks and Financial Institutions Act (RDDBFI Act), 1993, and others.<ref>{{Cite web |title=The Journey of Insolvency & Bankruptcy Code |url=https://www.mondaq.com/advicecentre/content/3750/The-Journey-of-Insolvency-Bankruptcy-Code |access-date=2022-03-31 |website=www.mondaq.com}}</ref>


==History==
==History==
The Insolvency and Bankruptcy Code, 2015 was introduced in the [[Lok Sabha]] on 21 December 2015 by former Finance Minister, Late [[Arun Jaitley]].<ref>{{cite web|title=PRS {{!}} Bill Track {{!}} The Insolvency and Bankruptcy Code, 2015|url=http://www.prsindia.org/billtrack/the-insolvency-and-bankruptcy-bill-2015-4100/|website=www.prsindia.org|access-date=20 February 2018|language=en}}</ref> The Code was referred to a Joint Committee of Parliament on 23 December 2015, and recommended by the Committee on 28 April 2016.<ref>{{cite web|title=Joint Committee Report Summary|url=http://www.prsindia.org/uploads/media/Bankruptcy/JCR%20Summary-%20Insolvency%20and%20Bankruptcy%20code.pdf|website=PRS Legislative Research|access-date=20 February 2018}}</ref> The Code was passed by the Lok Sabha and the Rajya Sabha on 5 May and 11 May 2016 respectively. Subsequently, it received assent from President [[Pranab Mukherjee]] and was notified in ''[[The Gazette of India]]'' on 28 May 2016.<ref>http://www.indiacode.nic.in/acts-in-pdf/2016/201631.pdf</ref>
On 22 August 2014, the [[Ministry of Finance (India)|Ministry of Finance]] created the Bankruptcy Legislative Reforms Committee (BLRC). The committee was headed by [[T. K. Viswanathan]], and tasked with drafting a new bankruptcy law. The Committee submitted its [https://ibbi.gov.in/uploads/resources/BLRCReportVol1_04112015.pdf report], which included a draft bill, on 4 November 2015. A modified version of the draft bill, after the incorporation of public comments, was introduced in the Sixteenth Lok Sabha by Finance Minister [[Arun Jaitley]] as the Insolvency and Bankruptcy Code, 2015.<ref>{{cite web|title=PRS {{!}} Bill Track {{!}} The Insolvency and Bankruptcy Code, 2015|url=http://www.prsindia.org/billtrack/the-insolvency-and-bankruptcy-bill-2015-4100/|website=www.prsindia.org|access-date=20 February 2018|language=en}}</ref> The bill was tabled on 23 December 2015. A Joint Parliamentary Committee on the Insolvency and Bankruptcy Code, 2015 (JPC) was set up and the bill was referred to it for detailed analysis.  The JPC submitted its [https://ibbi.gov.in/uploads/resources/16_Joint_Committee_on_Insolvency_and_Bankruptcy_Code_2015_1.pdf report], which included a new draft of the Bill, 28 April 2016.<ref>{{cite web|title=Joint Committee Report Summary|url=http://www.prsindia.org/uploads/media/Bankruptcy/JCR%20Summary-%20Insolvency%20and%20Bankruptcy%20code.pdf|website=PRS Legislative Research|access-date=20 February 2018|archive-date=28 January 2018|archive-url=https://web.archive.org/web/20180128144928/http://www.prsindia.org/uploads/media/Bankruptcy/JCR%20Summary-%20Insolvency%20and%20Bankruptcy%20code.pdf|url-status=dead}}</ref> It was passed by the Lok Sabha on 5 May 2016, and by the Rajya Sabha on 11 May 2016. Subsequently, it received assent from President [[Pranab Mukherjee]] and was notified in ''[[The Gazette of India]]'' on 28 May 2016.<ref>{{Cite web| title=The insolvency and bankruptcy code, 2016 | url=http://www.indiacode.nic.in/acts-in-pdf/2016/201631.pdf | archive-url=https://web.archive.org/web/20160803114703/http://www.indiacode.nic.in:80/acts-in-pdf/2016/201631.pdf | archive-date=2016-08-03}}</ref>


The Code was passed by parliament in May 2016 and became effective in December 2016.<ref name=lm0817>{{citation |title=NCLT okays first insolvency resolution scheme under IBC |url=http://www.livemint.com/Industry/qHRj0OlhehKDXFXFlckkoJ/NCLT-okays-first-insolvency-resolution-scheme-underIBC.html |work=[[Live Mint]] |date=16 August 2017 }}</ref> Section 243 of this Code repeals the [[Presidency Towns Insolvency Act, 1909]] and [[Provincial Insolvency Act, 1920]].<ref name=":0">{{Cite web|url=http://www.prsindia.org/administrator/uploads/media/Bankruptcy/Legislative%20Brief-%20Bankruptcy%20code.pdf|title=Legislative Brief of the Code|website=PRS India|access-date=18 August 2016}}</ref>
== Early cases ==
The first insolvency resolution order under this code was passed by [[National Company Law Tribunal]] (NCLT) in the case of ''Synergies-Dooray Automotive Ltd.'' in CP(IB)No. 01/HDB/2017 on 14 August 2017, reported in [2017] ibclaw.in 23 NCLT. The plea for insolvency was submitted by company on 23 January 2017. The resolution plan was submitted to NCLT within a period of 180 days as required by the code, and the approval for the same was received on 2 August 2017 from the tribunal. The final order was uploaded on 14 August 2017 on the NCLT website.<ref name="lm0817">{{citation |title=NCLT okays first insolvency resolution scheme under IBC |date=16 August 2017 |url=http://www.livemint.com/Industry/qHRj0OlhehKDXFXFlckkoJ/NCLT-okays-first-insolvency-resolution-scheme-underIBC.html |work=[[Live Mint]]}}</ref>


The first insolvency resolution order under this code was passed by [[National Company Law Tribunal]] (NCLT) in the case of Synergies-Dooray Automotive Ltd on 14 August 2017 and the second resolution plan was submitted in the case of Prowess International Private Limited. The plea for insolvency was submitted by company on 23 January 2017. The resolution plan was submitted to NCLT within a period of 180 days as required by the code, and the approval for the same was received on 2 August 2017 from the tribunal. The final order was uploaded on 14 August 2017 on the NCLT website.<ref name=lm0817/>
The First case under Indian Insolvency law before Supreme Court was in ''[https://ibclaw.in/summary-of-innoventive-industries-ltd-vs-icici-bank-anr-judgment-of-supreme-court/ Innoventive Industries Ltd. v. ICICI Bank and Anr].''


==Key features==
==Key Provisions==
'''Insolvency Resolution''' : The Code outlines separate insolvency resolution processes for individuals, companies and partnership firms. The process may be initiated by either the debtor or the creditors. A maximum time limit, for completion of the insolvency resolution process, has been set for corporates and individuals. For companies, the process will have to be completed in 180 days, which may be extended by 90 days, if a majority of the creditors agree. For start ups (other than partnership firms), small companies and other companies (with asset less than Rs. 1 crore), resolution process would be completed within 90 days of initiation of request which may be extended by 45 days.<ref>{{citation |title=India Overhauls Century-Old Bankruptcy Laws in Win for Modi |url=https://www.bloomberg.com/news/articles/2016-05-11/india-overhauls-century-old-bankruptcy-laws-in-key-win-for-modi |work=[[Bloomberg News|Bloomberg]] |date=11 May 2016 }}</ref>
'''Insolvency Resolution''' : The Code outlines separate insolvency resolution processes for individuals, companies and partnership firms. The process may be initiated by either the debtor or the creditors. A maximum time limit, for completion of the insolvency resolution process, has been set for corporates and individuals. For companies, the process will have to be completed in 180 days, which may be extended by 90 days, if a majority of the creditors agree. For start ups (other than partnership firms), small companies and other companies (with asset less than Rs. 1 crore), resolution process would be completed within 90 days of initiation of request which may be extended by 45 days.<ref>{{citation |title=India Overhauls Century-Old Bankruptcy Laws in Win for Modi |url=https://www.bloomberg.com/news/articles/2016-05-11/india-overhauls-century-old-bankruptcy-laws-in-key-win-for-modi |work=[[Bloomberg News|Bloomberg]] |date=11 May 2016 }}</ref>


The Insolvency and Bankruptcy Code (Amendment) Act, 2019 has increased the mandatory upper Time limit of 330 days including time spent in legal process to complete resolution process.<ref>https://www.business-standard.com/article/companies/ibc-resolutions-exceed-new-time-limit-of-330-days-prescribed-by-govt-119102800661_1.html</ref>
The Insolvency and Bankruptcy Code (Amendment) Act, 2019 has increased the mandatory upper Time limit of 330 days including time spent in legal process to complete resolution process.<ref>{{Cite news|url=https://www.business-standard.com/article/companies/ibc-resolutions-exceed-new-time-limit-of-330-days-prescribed-by-govt-119102800661_1.html|title = IBC resolutions exceed new time limit of 330 days prescribed by govt|newspaper = Business Standard India|date = 28 October 2019|last1 = Dutt|first1 = Ishita Ayan}}</ref>


'''Insolvency regulator''': The Code establishes the [[Insolvency and Bankruptcy Board of India]], to oversee the insolvency proceedings in the country and regulate the entities registered under it. The Board will have 10 members, including representatives from the Ministries of Finance and Law, and the [[Reserve Bank of India]].<ref name=":0" />
'''Insolvency regulator''': The Code establishes the [[Insolvency and Bankruptcy Board of India]], to oversee the insolvency proceedings in the country and regulate the entities registered under it. The Board will have 10 members, including representatives from the Ministries of Finance and Law, and the [[Reserve Bank of India]].<ref name=":0">{{Cite web |title=Legislative Brief of the Code |url=http://www.prsindia.org/administrator/uploads/media/Bankruptcy/Legislative%20Brief-%20Bankruptcy%20code.pdf |access-date=18 August 2016 |website=PRS India |archive-date=10 September 2016 |archive-url=https://web.archive.org/web/20160910032816/http://www.prsindia.org/administrator/uploads/media/Bankruptcy/Legislative%20Brief-%20Bankruptcy%20code.pdf |url-status=dead }}</ref>


'''Insolvency professionals''': The insolvency process will be managed by licensed professionals. These professionals will also control the assets of the debtor during the insolvency process.<ref name=":0" />
'''Insolvency professionals''': The insolvency process will be managed by licensed professionals. These professionals will also control the assets of the debtor during the insolvency process.<ref name=":0" />
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==Procedure==
==Procedure==
A plea for insolvency is submitted to the adjudicating authority (NCLT in case of corporate debtors) by financial or operation creditors or the corporate debtor itself. The maximum time allowed to either accept or reject the plea is 14 days. If the plea is accepted, the tribunal has to appoint an Interim Resolution Professional (IRP) to draft a resolution plan within 180 days (extendable by 90 days). following which the Corporate Insolvency Resolution process is initiated by the court. For the said period, the board of directors of the company stands suspended, and the promoters do not have a say in the management of the company. The IRP, if required, can seek the support of the company's management for day-to-day operations. If the CIRP fails in reviving the company the liquidation process is initiated.
Is the Insolvency and Bankruptcy Code a remedy to all Banking issues?
Insolvency and bankruptcy code bill was introduced in the Indian parliament by the NDA government in 2015 but got final clearance in May 2016 parliament session. It was believed that this bill will resolve all the banking issues present in the economy. The main reason to introduce this bill was to fasten up the long insolvency process which it did. After this bill, the insolvency process for the company is 180 days with an extension of 90 days, and for startups and small companies, it is 90 days with an extension of 45 days. The question is will it resolve all banking issues and the answer is no, as India's banking industry is going through a very difficult phase. Banks are merging up due to bad loans and all this hustle can't be simplified with this bill. IBC will only bad debts that are disclosed. Undisclosed bad loans or bad loans that get disclosed after the victim absconds remain untouched. And there are many incidents in past years in which creditors flew away from the country after being unable to pay off the loan that they took. But, the IBC did improve the economic system and the impact can be seen - the economy is clearly stabler. <ref name=lm0817/><ref>https://www.businesstoday.in/latest/trends/breaking-down-bankruptcy-what-are-the-steps-involved/story/271770.html</ref>


==Amendments made by the Insolvency and Bankruptcy Code, 2016 to other Acts==
=== Time Limit ===
The First Schedule amends the [[Indian Partnership Act, 1932]].
The IBC envisions that the entire Corporate Insolvency Resolution Process (CIRP) must take place within 180 days of the admission of the application. A CIRP must be mandatorily completed within 330 days, including any extension or litigation period.<ref>S. 12, IBC</ref>


The Second Schedule amends the [[Central Excise Act, 1944]].
The Hon'ble Supreme Court in ''Committee of Creditors of Essar Steel India Ltd.'' ''v. Satish Kumar Gupta & Ors.,'' reported at ''(2019) ibclaw.in 07 SC,'' has struck down the upper limit of 330 days holding that it may be open in some cases for the Adjudicating Authority and/or Appellate Tribunal to extend time beyond 330 days.<ref>{{Cite web |title=Summary of landmark judgment of Supreme Court in Committee of Creditors of Essar Steel India Limited vs Satish Kumar Gupta & Ors., in Insolvency and Bankruptcy Code, 2016 – IBC Laws |url=https://ibclaw.in/summary-of-landmark-judgment-of-supreme-court-in-committee-of-creditors-of-essar-steel-india-limited-vs-satish-kumar-gupta-ors-under-ibc/ |access-date=2025-02-21 |language=en-US}}</ref>


The Third Schedule amends the [[Income-tax Act, 1961]].
=== Initiating the CIRP ===
In the case of a corporate debtor, an application for insolvency proceedings must be submitted to the Adjudicating Authority (AA), which is the NCLT. The application may be filed by a financial creditor (Section 7), an operational creditor (Section 9), or the corporate debtor (Section 10) itself. Section 11 enumerates the persons ''not entitled'' to make an application, such as corporate debtor who was in a CIRP at the time of the application, or had been in one recently.


The Fourth Schedule amends the [[Customs Act, 1962]].
The maximum time allowed to consider the application is 14 days. If the application is allowed, the Adjudicating Authority: (i) declares a moratorium; (ii) causes a public announcement of the CIRP process and calls for the submission of claims; and (iii) appoints an Interim Resolution Professional (IRP).


The Fifth Schedule amends the [[Recovery of Debts due to Banks and Financial Institutions Act, 1993]].
=== Moratorium ===
On the date on which the insolvency commences, a ''moratorium'' is declared, and it remains in force until the end of the CIRP. The CIRP ends, either when the AA approves a resolution plan under Section 31(1), or when it passes a liquidation order under Section 33. The moratorium ensures that the CIRP has a free-rein and is the only mechanism through which claims are settled. It bars the institution of litigation against the corporate debtor, while at the same time suspending the corporate debtor's ability to move, sell, or transfer any of its assets. It bars actions both ''by'' and ''against'' the corporate debtor. However, the moratorium has certain exceptions, such as Section 14(2A), which allows the IRP to continue to supply of such goods and services as it considers necessary to preserve the value of the corporate debtor.


The Sixth Schedule amends the [[Finance Act, 1994]].
For the said period, the board of directors of the company stands suspended, and the promoters do not have a say in the management of the company. The IRP, if required, can seek the support of the company's management for day-to-day operations. If the CIRP fails in reviving the company, the liquidation process is initiated.


The Seventh Schedule amends the [[Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002]].
==Amendments==
 
* 2017 Amendment prohibits certain persons from submitting a resolution plan in case of defaults. These include: (i) wilful defaulters, (ii) promoters or management of the company if it has an outstanding non-performing debt for over a year, and (iii) disqualified directors, among others.  Further, it bars the sale of property of a defaulter to such persons during liquidation.<ref>{{cite web|title=PRS {{!}} Bill Track {{!}} The Insolvency and Bankruptcy Code (Amendment) Bill, 2017|url=http://www.prsindia.org/billtrack/the-insolvency-and-bankruptcy-code-amendment-bill-2017-5017/|website=www.prsindia.org|access-date=20 February 2018|language=en|archive-date=20 February 2018|archive-url=https://web.archive.org/web/20180220152427/http://www.prsindia.org/billtrack/the-insolvency-and-bankruptcy-code-amendment-bill-2017-5017/|url-status=dead}}</ref>
The Eighth Schedule amends the [[Sick Industrial Companies (Special Provisions) Repeal Act, 2003]].
 
The Ninth Schedule amends the [[Payment and Settlement Systems Act, 2007]].
 
The Tenth Schedule amends the [[Limited Liability Partnership Act, 2008]].
 
The Eleventh Schedule amends the [[Companies Act, 2013]].
 
==Amendments to the Insolvency and Bankruptcy Code==
The Act prohibits certain persons from submitting a resolution plan in case of defaults. These include: (i) wilful defaulters, (ii) promoters or management of the company if it has an outstanding non-performing debt for over a year, and (iii) disqualified directors, among others.  Further, it bars the sale of property of a defaulter to such persons during liquidation.<ref>{{cite web|title=PRS {{!}} Bill Track {{!}} The Insolvency and Bankruptcy Code (Amendment) Bill, 2017|url=http://www.prsindia.org/billtrack/the-insolvency-and-bankruptcy-code-amendment-bill-2017-5017/|website=www.prsindia.org|access-date=20 February 2018|language=en}}</ref>
 
* First amendment to the IBC gives ability to home buyers to file insolvency and participate in the resolution process.<ref>{{Cite news|url=https://www.financialexpress.com/industry/ibc-changes-want-to-drag-realtor-to-nclt-draw-in-99-homebuyers/1739035/|title=IBC changes: Want to drag realtor to NCLT? Draw in 99 homebuyers|work=Financial Express}}</ref>
* Proposed: An amendment to include a chapter on cross-boundary insolvency and resolution process.
* Proposed: Amendment to protect successful bidders from any risk of criminal proceedings for offences committed by previous promoters of companies concerned.<ref>{{Cite web|url=https://www.financialexpress.com/economy/insolvency-law-cabinet-clears-amendments-to-remove-bottlenecks/1791225/|title=Govt clears more amendments to Insolvency code; to ring fence successful bidders from risks|date=2019-12-11|website=The Financial Express|language=en-US|access-date=2019-12-12}}</ref>


==High-value cases==
==High-value cases==
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|Dec 2019
|Dec 2019
|{{INRConvert|42000|c|lk=|year=2019}}
|{{INRConvert|42000|c|lk=|year=2019}}
|SC delivered its final verdict and cleared way for Arcelor Mittal India and Nippon Steel Japan to form a joint venture to complete the takeover by end of Dec 2019. ||<ref name=et0318>{{citation |title=Why resolution of these 10 NPA accounts will be a crucial test for IBC |url=https://m.economictimes.com/industry/banking/finance/why-resolution-of-these-10-npa-accounts-will-be-a-crucial-test-for-ibc/articleshow/63294120.cms |work=[[The Economic Times]] |date=14 March 2018 }}</ref><ref>{{Cite web|url=https://www.financialexpress.com/industry/essar-steel-finally-bankers-expect-money-next-month/1778565/|title=Essar Steel: Finally bankers expect money next month|date=2019-11-28|website=The Financial Express|language=en-US|access-date=2019-12-01}}</ref>
|SC delivered its final verdict and cleared way for Arcelor Mittal India and Nippon Steel Japan to form a joint venture to complete the takeover by end of Dec 2019. ||<ref name=et0318>{{citation |title=Why resolution of these 10 NPA accounts will be a crucial test for IBC |url=https://economictimes.indiatimes.com/industry/banking/finance/why-resolution-of-these-10-npa-accounts-will-be-a-crucial-test-for-ibc/articleshow/63294120.cms |work=[[The Economic Times]] |date=14 March 2018 |last1=Rebello |first1=Joel }}</ref><ref>{{Cite web|url=https://www.financialexpress.com/industry/essar-steel-finally-bankers-expect-money-next-month/1778565/|title=Essar Steel: Finally bankers expect money next month|date=2019-11-28|website=The Financial Express|language=en-US|access-date=2019-12-01}}</ref>
|-
|-
| [[Bhushan Steel]] || {{INRConvert|440|b}} || 26 July 2017  
| [[Bhushan Steel]] || {{INRConvert|440|b}} || 26 July 2017  
|May 2018
|May 2018
|{{INRConvert|36400|c|lk=|year=2018}}
|{{INRConvert|36400|c|lk=|year=2018}}
|Tata Steel, through its wholly owned subsidiary Bamnipal Steel Ltd (BNPL), has acquired 72.65 per cent controlling stake in Bhushan Steel Ltd (BSL) for around Rs 36,400 crore. The company was selected as the highest bidder in March 2018 to buy a controlling stake in Bhushan Steel, as part of bankruptcy proceedings.||<ref>{{citation |title=L&T moves NCLT to be declared as secured creditor in Bhushan Steel insolvency |url=http://www.livemint.com/Companies/ersQoSgCetf0Atx0hT1rPK/LT-moves-NCLT-to-be-declared-as-secured-creditor-in-Bhushan.html |work=[[Live Mint]] |date=8 March 2018 }}</ref><ref name="et0318" /><ref>{{Cite web|url=https://www.jagranjosh.com/current-affairs/tata-steel-subsidiary-acquires-72-stake-in-bhushan-steel-1526718638-1|title=Tata Steel subsidiary acquires 72% stake in Bhushan Steel|date=2018-05-19|website=Jagranjosh.com|access-date=2019-12-01}}</ref><ref>{{Cite web|url=https://www.ndtv.com/business/bhushan-steel-acquisition-by-tata-steel-fm-piyush-goyal-calls-it-historic-breakthrough-1854197|title=Bhushan Steel Acquisition By Tata Steel: Piyush Goyal Calls It Historic Breakthrough|website=NDTV.com|access-date=2019-12-01}}</ref>
|Tata Steel, through its wholly owned subsidiary Bamnipal Steel Ltd (BNPL), has acquired 72.65 per cent controlling stake in Bhushan Steel Ltd (BSL) for around Rs 36,400 crore. The company was selected as the highest bidder in March 2018 to buy a controlling stake in Bhushan Steel, as part of bankruptcy proceedings.||<ref name="et0318" /><ref>{{Cite web|url=https://www.jagranjosh.com/current-affairs/tata-steel-subsidiary-acquires-72-stake-in-bhushan-steel-1526718638-1|title=Tata Steel subsidiary acquires 72% stake in Bhushan Steel|date=2018-05-19|website=Jagranjosh.com|access-date=2019-12-01}}</ref><ref>{{Cite web|url=https://www.ndtv.com/business/bhushan-steel-acquisition-by-tata-steel-fm-piyush-goyal-calls-it-historic-breakthrough-1854197|title=Bhushan Steel Acquisition By Tata Steel: Piyush Goyal Calls It Historic Breakthrough|website=NDTV.com|date=18 May 2018 |access-date=2019-12-01}}</ref>
|-
| [[Electrosteel Steels|Electrosteel]] || {{INRConvert|130|b}} || July 2017
|
|
|Acquired by Vedanta India Ltd.||<ref name=et0318/>
|-
| [[Amtek Auto]] || {{INRConvert|12700|c|lk=|year=2017}}|| July 2017
|July 2020
|{{INRConvert|2700|c|lk=|year=2020}}
|NCLT approved a bid by US-based hedge fund Deccan Value Investors LP (DVIL).
Lenders agreed to a 80% haircut and the amount is payable over next seven years.
|<ref>{{Cite news|last=Noronha|first=Gaurav|date=2020-07-10|title=NCLT approves Amtek Auto resolution plan|work=The Economic Times|url=https://economictimes.indiatimes.com/news/politics-and-nation/nclt-approves-amtek-auto-resolution-plan/articleshow/76882571.cms|access-date=2020-07-09}}</ref>
|-
|-
| [[Bhushan Power & Steel]] || {{INRConvert|492|b}} || June 2017  
| [[Bhushan Power & Steel]] || {{INRConvert|492|b}} || June 2017  
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|March 2019
|March 2019
|{{INRConvert|5050|c|lk=|year=2019}}
|{{INRConvert|5050|c|lk=|year=2019}}
| Joint bid by Reliance Industries Limited (RIL) and JM Financial Asset Reconstruction Co was approved by NCLT Ahmedabad last year. ||<ref name=et0318/><ref>{{Cite web|url=https://timesofindia.indiatimes.com/business/india-business/ril-gets-nclt-approval-for-alok-industries/articleshow/68328289.cms|title=Reliance Industries gets NCLT approval for Alok Industries - Times of India|website=The Times of India|access-date=2019-12-30}}</ref>
| Joint bid by Reliance Industries Limited (RIL) and [[JM Financial]] Asset Reconstruction Co was approved by NCLT Ahmedabad last year. ||<ref name=et0318/><ref>{{Cite news|url=https://timesofindia.indiatimes.com/business/india-business/ril-gets-nclt-approval-for-alok-industries/articleshow/68328289.cms|title=Reliance Industries gets NCLT approval for Alok Industries - Times of India|website=The Times of India|date=9 March 2019 |access-date=2019-12-30}}</ref>
|-
| [[Lanco Infratech|Lanco Infra]] ||{{INRConvert|450|b}} || August 2017
|
|
|Ordered for liquidation.
|<ref name=et0318/>
|-
|-
|[[Jet Airways]]||{{INRConvert|146|b|lk=|year=2019}}
|[[Jet Airways]]||{{INRConvert|146|b|lk=|year=2019}}
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|
|
|
|
|CoC has accepted a ₹1,000-crore bid by a consortium of UK-based Kalrock Capital and UAE-based entrepreneur Murari Lal Jalan on Oct 17, 2020. ||<ref>{{Cite web|last=Kundu|first=Shayan Ghosh,Rhik|date=2020-10-19|title=Jet will need more capital post-rescue|url=https://www.livemint.com/companies/news/jet-will-need-more-capital-post-rescue-11603125918651.html|access-date=2020-10-19|website=mint|language=en}}</ref>
|CoC has accepted a ₹1,000-crore bid by a consortium of UK-based Kalrock Capital and UAE-based entrepreneur Murari Lal Jalan on Oct 17, 2020. ||<ref>{{Cite web|last=Kundu|first=Shayan Ghosh, Rhik|date=2020-10-19|title=Jet will need more capital post-rescue|url=https://www.livemint.com/companies/news/jet-will-need-more-capital-post-rescue-11603125918651.html|access-date=2020-10-19|website=mint|language=en}}</ref>
|-
|-
|[[Reliance Communications]]||{{INRConvert|33000|c|lk=|year=2019}}
|[[Reliance Communications]]||{{INRConvert|33000|c|lk=|year=2019}}
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| {{INRConvert|23000|c|lk=|year=2020}}
| {{INRConvert|23000|c|lk=|year=2020}}
| [[Jio|Reliance Jio]] will get the tower and fiber assets of Reliance Infratel Ltd for Rs 4,700 crore, UV Asset Reconstruction Co Ltd (UVARC) will get assets of RCom and Reliance Telecom (spectrum) for Rs 14,000 crore.
| [[Jio|Reliance Jio]] will get the tower and fiber assets of Reliance Infratel Ltd for Rs 4,700 crore, UV Asset Reconstruction Co Ltd (UVARC) will get assets of RCom and Reliance Telecom (spectrum) for Rs 14,000 crore.
|<ref>{{Cite web|url=https://www.newindianexpress.com/business/2020/mar/05/lenders-approve-rs-23000-crore-resolution-plan-for-reliance-communications-2112686.html|title=Lenders approve Rs 23,000 crore resolution plan for Reliance Communications|website=The New Indian Express|access-date=2020-03-06}}</ref>
|<ref>{{Cite web|url=https://www.newindianexpress.com/business/2020/mar/05/lenders-approve-rs-23000-crore-resolution-plan-for-reliance-communications-2112686.html|title=Lenders approve Rs 23,000 crore resolution plan for Reliance Communications|website=The New Indian Express|date=5 March 2020 |access-date=2020-03-06}}</ref>
|-
|-
|[[Dewan Housing Finance Corporation|Dewan Housing Finance Ltd]]
|[[Dewan Housing Finance Corporation|Dewan Housing Finance Ltd]]
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|Nov 29, 2019
|Nov 29, 2019
|Jan 2021
|Jan 2021
|33% of dues over 5 years
|{{INRConvert|38000|c|lk=|year=2021}}
|First financial company to be referred to NCLT under IBC by RBI. CoC has approved the bid by Piramal for Rs. 38,000 Cr.
|First financial company to be referred to NCLT under IBC by RBI. It was acquired by Piramal Group, and, according to the resolution plan, Piramal Capital and Housing Finance Ltd. (PCHFL) will merge with DHFL.
|<ref>{{Cite web|url=https://www.nasdaq.com/articles/india-cenbank-moves-to-begin-bankruptcy-proceedings-against-dhfl-2019-11-29|title=India cenbank moves to begin bankruptcy proceedings against DHFL|last=Reuters|first=Contributor Chris Thomas|website=www.nasdaq.com|language=en|access-date=2019-12-01}}</ref><ref>{{Cite news|last=Chatterjee|first=Dev|date=2021-01-17|title=Banks to get 33% of dues spread over five years from DHFL resolution|work=Business Standard India|url=https://www.business-standard.com/article/companies/banks-to-get-33-of-dues-spread-over-five-years-from-dhfl-resolution-121011700582_1.html|access-date=2021-01-17}}</ref>
|<ref>{{Cite web|url=https://www.nasdaq.com/articles/india-cenbank-moves-to-begin-bankruptcy-proceedings-against-dhfl-2019-11-29|title=India cenbank moves to begin bankruptcy proceedings against DHFL|last=Thomas|first=Chris|website=www.nasdaq.com|language=en|access-date=2019-12-01}}</ref><ref>{{Cite news|last=Chatterjee|first=Dev|date=2021-01-17|title=Banks to get 33% of dues spread over five years from DHFL resolution|work=Business Standard India|url=https://www.business-standard.com/article/companies/banks-to-get-33-of-dues-spread-over-five-years-from-dhfl-resolution-121011700582_1.html|access-date=2021-01-17}}</ref><ref>{{Cite news|last=Panda|first=Subrata|date=2021-09-29|title=Piramal Group acquires DHFL for total consideration of Rs 34,250 cr|work=Business Standard India|url=https://www.business-standard.com/article/companies/piramal-group-acquires-dhfl-for-total-consideration-of-rs-34-250-cr-121092900395_1.html|access-date=2021-09-29}}</ref>
|-
|[[Reliance Capital]]
|
|{{Date|Dec 6, 2021}}
|
|
|
* RBI superseded the board on Nov 29, 2021 with the intention of starting insolvency proceedings. The central bank appointed Nageswara Rao Y., a former executive director of Bank of Maharashtra, as the company's administrator.
* The Committee of Creditors (COC) has decided to reject all the binding bids. The COC is now considering sending Reliance Capital to liquidation, under the newly introduced regulation 6(A) of the IBC, whereby each individual business can be sold separately.
|<ref>{{Cite web |last=IANS |date=2022-11-30 |title=Reliance Capital COC rejects all bids, decides liquidation: Sources |url=https://www.business-standard.com/article/companies/reliance-capital-coc-rejects-all-bids-decides-liquidation-sources-122113000894_1.html |access-date=2022-11-30 |website=www.business-standard.com |language=en}}</ref>
|-
|[[Future Group|Future Retail]]
|
|Pending Admission to NCLT
|
|
|Lenders have picked a Resolution Professional and are preparing to get the company admitted NCLT proceedings after the company defaulted on Rs 3,495 crore of loans in January as per the terms of a one-time restructuring deal.
|<ref>{{Cite news |last=Mehta |first=Sangita |title=Future Retail lenders select Deloitte backed interim resolution professional to take the company to bankruptcy court |work=The Economic Times |url=https://economictimes.indiatimes.com/industry/services/retail/future-retail-lenders-pick-resolution-professional-to-take-company-to-bankruptcy-court/articleshow/90735705.cms |access-date=2022-04-09}}</ref>
|}
|}


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*[http://egazette.nic.in/WriteReadData/2016/169882.pdf Insolvency and Bankruptcy Code, 2016]
*[http://egazette.nic.in/WriteReadData/2016/169882.pdf Insolvency and Bankruptcy Code, 2016]
* [http://www.mca.gov.in/MinistryV2/insolvency+and+bankruptcy+code.html Rules and Regulations]
* [http://www.mca.gov.in/MinistryV2/insolvency+and+bankruptcy+code.html Rules and Regulations]
* [http://ibbi.gov.in/ Official website of Insolvency and Bankruptcy Board of India (IBBI)]
* [http://ibbi.gov.in/ Official website of Insolvency and Bankruptcy Board of India (IBBI)] {{Webarchive|url=https://web.archive.org/web/20170519213853/http://ibbi.gov.in/ |date=19 May 2017 }}
 
{{Indian legislations}}


[[Category:Acts of the Parliament of India 2016]]
[[Category:Acts of the Parliament of India 2016]]

Latest revision as of 17:44, 26 March 2026


Insolvency and Bankruptcy Code, 2016
Parliament of India
CitationAct No. 31 of 2016
Territorial extentIndia
Enacted byLok Sabha
Passed5 May 2016
Enacted byRajya Sabha
Passed11 May 2016
Assented to28 May 2016
Commenced28 May 2016
Legislative history
Bill introduced in the Lok SabhaThe Insolvency and Bankruptcy Code, 2016
Bill citationBill No. 349 of 2015
Bill published on21 December 2015
Introduced byArun Jaitley
Committee reportReport of the Joint Committee
Date passed by conference committee28 April 2016
Status: In force

Template:Insolvency The Insolvency and Bankruptcy Code, 2016 (IBC) is an Indian law which creates a consolidated framework that governs insolvency and bankruptcy proceedings for companies, partnership firms, and individuals.

Background[edit | edit source]

Prior to the IBC, the legislative framework for insolvency and restructuring was fragmented across multiple legislations, such as the Companies Act 2013, the Sick Industrial Companies (Special Provisions) Act, 1985, Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002, the Recovery of Debts due to Banks and Financial Institutions Act (RDDBFI Act), 1993, and others.[1]

History[edit | edit source]

On 22 August 2014, the Ministry of Finance created the Bankruptcy Legislative Reforms Committee (BLRC). The committee was headed by T. K. Viswanathan, and tasked with drafting a new bankruptcy law. The Committee submitted its report, which included a draft bill, on 4 November 2015. A modified version of the draft bill, after the incorporation of public comments, was introduced in the Sixteenth Lok Sabha by Finance Minister Arun Jaitley as the Insolvency and Bankruptcy Code, 2015.[2] The bill was tabled on 23 December 2015. A Joint Parliamentary Committee on the Insolvency and Bankruptcy Code, 2015 (JPC) was set up and the bill was referred to it for detailed analysis. The JPC submitted its report, which included a new draft of the Bill, 28 April 2016.[3] It was passed by the Lok Sabha on 5 May 2016, and by the Rajya Sabha on 11 May 2016. Subsequently, it received assent from President Pranab Mukherjee and was notified in The Gazette of India on 28 May 2016.[4]

Early cases[edit | edit source]

The first insolvency resolution order under this code was passed by National Company Law Tribunal (NCLT) in the case of Synergies-Dooray Automotive Ltd. in CP(IB)No. 01/HDB/2017 on 14 August 2017, reported in [2017] ibclaw.in 23 NCLT. The plea for insolvency was submitted by company on 23 January 2017. The resolution plan was submitted to NCLT within a period of 180 days as required by the code, and the approval for the same was received on 2 August 2017 from the tribunal. The final order was uploaded on 14 August 2017 on the NCLT website.[5]

The First case under Indian Insolvency law before Supreme Court was in Innoventive Industries Ltd. v. ICICI Bank and Anr.

Key Provisions[edit | edit source]

Insolvency Resolution : The Code outlines separate insolvency resolution processes for individuals, companies and partnership firms. The process may be initiated by either the debtor or the creditors. A maximum time limit, for completion of the insolvency resolution process, has been set for corporates and individuals. For companies, the process will have to be completed in 180 days, which may be extended by 90 days, if a majority of the creditors agree. For start ups (other than partnership firms), small companies and other companies (with asset less than Rs. 1 crore), resolution process would be completed within 90 days of initiation of request which may be extended by 45 days.[6]

The Insolvency and Bankruptcy Code (Amendment) Act, 2019 has increased the mandatory upper Time limit of 330 days including time spent in legal process to complete resolution process.[7]

Insolvency regulator: The Code establishes the Insolvency and Bankruptcy Board of India, to oversee the insolvency proceedings in the country and regulate the entities registered under it. The Board will have 10 members, including representatives from the Ministries of Finance and Law, and the Reserve Bank of India.[8]

Insolvency professionals: The insolvency process will be managed by licensed professionals. These professionals will also control the assets of the debtor during the insolvency process.[8]

Bankruptcy and Insolvency Adjudicator: The Code proposes two separate tribunals to oversee the process of insolvency resolution, for individuals and companies: (i) the National Company Law Tribunal for Companies and Limited Liability Partnership firms; and (ii) the Debt Recovery Tribunal for individuals and partnerships.[citation needed]

Procedure[edit | edit source]

Time Limit[edit | edit source]

The IBC envisions that the entire Corporate Insolvency Resolution Process (CIRP) must take place within 180 days of the admission of the application. A CIRP must be mandatorily completed within 330 days, including any extension or litigation period.[9]

The Hon'ble Supreme Court in Committee of Creditors of Essar Steel India Ltd. v. Satish Kumar Gupta & Ors., reported at (2019) ibclaw.in 07 SC, has struck down the upper limit of 330 days holding that it may be open in some cases for the Adjudicating Authority and/or Appellate Tribunal to extend time beyond 330 days.[10]

Initiating the CIRP[edit | edit source]

In the case of a corporate debtor, an application for insolvency proceedings must be submitted to the Adjudicating Authority (AA), which is the NCLT. The application may be filed by a financial creditor (Section 7), an operational creditor (Section 9), or the corporate debtor (Section 10) itself. Section 11 enumerates the persons not entitled to make an application, such as corporate debtor who was in a CIRP at the time of the application, or had been in one recently.

The maximum time allowed to consider the application is 14 days. If the application is allowed, the Adjudicating Authority: (i) declares a moratorium; (ii) causes a public announcement of the CIRP process and calls for the submission of claims; and (iii) appoints an Interim Resolution Professional (IRP).

Moratorium[edit | edit source]

On the date on which the insolvency commences, a moratorium is declared, and it remains in force until the end of the CIRP. The CIRP ends, either when the AA approves a resolution plan under Section 31(1), or when it passes a liquidation order under Section 33. The moratorium ensures that the CIRP has a free-rein and is the only mechanism through which claims are settled. It bars the institution of litigation against the corporate debtor, while at the same time suspending the corporate debtor's ability to move, sell, or transfer any of its assets. It bars actions both by and against the corporate debtor. However, the moratorium has certain exceptions, such as Section 14(2A), which allows the IRP to continue to supply of such goods and services as it considers necessary to preserve the value of the corporate debtor.

For the said period, the board of directors of the company stands suspended, and the promoters do not have a say in the management of the company. The IRP, if required, can seek the support of the company's management for day-to-day operations. If the CIRP fails in reviving the company, the liquidation process is initiated.

Amendments[edit | edit source]

  • 2017 Amendment prohibits certain persons from submitting a resolution plan in case of defaults. These include: (i) wilful defaulters, (ii) promoters or management of the company if it has an outstanding non-performing debt for over a year, and (iii) disqualified directors, among others. Further, it bars the sale of property of a defaulter to such persons during liquidation.[11]

High-value cases[edit | edit source]

Company Debt Date of referral to NCLT Date of Resolution Recovery Amount Notes Reference
Essar Steel ₹490 billion (US$6.9 billion) June 2017 Dec 2019 ₹42,000 crore (US$5.9 billion) SC delivered its final verdict and cleared way for Arcelor Mittal India and Nippon Steel Japan to form a joint venture to complete the takeover by end of Dec 2019. [12][13]
Bhushan Steel ₹440 billion (US$6.2 billion) 26 July 2017 May 2018 ₹36,400 crore (equivalent to ₹390 billion or US$5.5 billion in 2019) Tata Steel, through its wholly owned subsidiary Bamnipal Steel Ltd (BNPL), has acquired 72.65 per cent controlling stake in Bhushan Steel Ltd (BSL) for around Rs 36,400 crore. The company was selected as the highest bidder in March 2018 to buy a controlling stake in Bhushan Steel, as part of bankruptcy proceedings. [12][14][15]
Bhushan Power & Steel ₹492 billion (US$6.9 billion) June 2017 March 2021 ₹19,350 crore (US$2.7 billion) After four years of litigation involving ED & previous owners, CoC has voted in favor of JSW Steel. The deal will be completed by end of March 2021. [16]
Alok Industries ₹290 billion (US$4.1 billion) June 2017 March 2019 ₹5,050 crore (US$710 million) Joint bid by Reliance Industries Limited (RIL) and JM Financial Asset Reconstruction Co was approved by NCLT Ahmedabad last year. [12][17]
Jet Airways ₹146 billion (US$2.0 billion) June 2019 CoC has accepted a ₹1,000-crore bid by a consortium of UK-based Kalrock Capital and UAE-based entrepreneur Murari Lal Jalan on Oct 17, 2020. [18]
Reliance Communications ₹33,000 crore (US$4.6 billion) June 2019 Jan 2020 ₹23,000 crore (US$3.2 billion) Reliance Jio will get the tower and fiber assets of Reliance Infratel Ltd for Rs 4,700 crore, UV Asset Reconstruction Co Ltd (UVARC) will get assets of RCom and Reliance Telecom (spectrum) for Rs 14,000 crore. [19]
Dewan Housing Finance Ltd ₹1,000 billion (US$14 billion) Nov 29, 2019 Jan 2021 ₹38,000 crore (US$5.3 billion) First financial company to be referred to NCLT under IBC by RBI. It was acquired by Piramal Group, and, according to the resolution plan, Piramal Capital and Housing Finance Ltd. (PCHFL) will merge with DHFL. [20][21][22]
Reliance Capital 6 December 2021
  • RBI superseded the board on Nov 29, 2021 with the intention of starting insolvency proceedings. The central bank appointed Nageswara Rao Y., a former executive director of Bank of Maharashtra, as the company's administrator.
  • The Committee of Creditors (COC) has decided to reject all the binding bids. The COC is now considering sending Reliance Capital to liquidation, under the newly introduced regulation 6(A) of the IBC, whereby each individual business can be sold separately.
 [23]
Future Retail Pending Admission to NCLT Lenders have picked a Resolution Professional and are preparing to get the company admitted NCLT proceedings after the company defaulted on Rs 3,495 crore of loans in January as per the terms of a one-time restructuring deal. [24]

References[edit | edit source]

  1. ↑ "The Journey of Insolvency & Bankruptcy Code". www.mondaq.com. Retrieved 31 March 2022.
  2. ↑ "PRS | Bill Track | The Insolvency and Bankruptcy Code, 2015". www.prsindia.org. Retrieved 20 February 2018.
  3. ↑ "Joint Committee Report Summary" (PDF). PRS Legislative Research. Archived from the original (PDF) on 28 January 2018. Retrieved 20 February 2018.
  4. ↑ "The insolvency and bankruptcy code, 2016" (PDF). Archived from the original (PDF) on 3 August 2016.
  5. ↑ "NCLT okays first insolvency resolution scheme under IBC", Live Mint, 16 August 2017
  6. ↑ "India Overhauls Century-Old Bankruptcy Laws in Win for Modi", Bloomberg, 11 May 2016
  7. ↑ Dutt, Ishita Ayan (28 October 2019). "IBC resolutions exceed new time limit of 330 days prescribed by govt". Business Standard India.
  8. ↑ 8.0 8.1 "Legislative Brief of the Code" (PDF). PRS India. Archived from the original (PDF) on 10 September 2016. Retrieved 18 August 2016.
  9. ↑ S. 12, IBC
  10. ↑ "Summary of landmark judgment of Supreme Court in Committee of Creditors of Essar Steel India Limited vs Satish Kumar Gupta & Ors., in Insolvency and Bankruptcy Code, 2016 – IBC Laws". Retrieved 21 February 2025.
  11. ↑ "PRS | Bill Track | The Insolvency and Bankruptcy Code (Amendment) Bill, 2017". www.prsindia.org. Archived from the original on 20 February 2018. Retrieved 20 February 2018.
  12. ↑ 12.0 12.1 12.2 Rebello, Joel (14 March 2018), "Why resolution of these 10 NPA accounts will be a crucial test for IBC", The Economic Times
  13. ↑ "Essar Steel: Finally bankers expect money next month". The Financial Express. 28 November 2019. Retrieved 1 December 2019.
  14. ↑ "Tata Steel subsidiary acquires 72% stake in Bhushan Steel". Jagranjosh.com. 19 May 2018. Retrieved 1 December 2019.
  15. ↑ "Bhushan Steel Acquisition By Tata Steel: Piyush Goyal Calls It Historic Breakthrough". NDTV.com. 18 May 2018. Retrieved 1 December 2019.
  16. ↑ Lele, Ishita Ayan Dutt & Abhijit (5 March 2021). "Lenders with majority vote for closing Bhushan Power deal with JSW Steel". Business Standard India. Retrieved 5 March 2021.
  17. ↑ "Reliance Industries gets NCLT approval for Alok Industries - Times of India". The Times of India. 9 March 2019. Retrieved 30 December 2019.
  18. ↑ Kundu, Shayan Ghosh, Rhik (19 October 2020). "Jet will need more capital post-rescue". mint. Retrieved 19 October 2020.{{cite web}}: CS1 maint: multiple names: authors list (link)
  19. ↑ "Lenders approve Rs 23,000 crore resolution plan for Reliance Communications". The New Indian Express. 5 March 2020. Retrieved 6 March 2020.
  20. ↑ Thomas, Chris. "India cenbank moves to begin bankruptcy proceedings against DHFL". www.nasdaq.com. Retrieved 1 December 2019.
  21. ↑ Chatterjee, Dev (17 January 2021). "Banks to get 33% of dues spread over five years from DHFL resolution". Business Standard India. Retrieved 17 January 2021.
  22. ↑ Panda, Subrata (29 September 2021). "Piramal Group acquires DHFL for total consideration of Rs 34,250 cr". Business Standard India. Retrieved 29 September 2021.
  23. ↑ IANS (30 November 2022). "Reliance Capital COC rejects all bids, decides liquidation: Sources". www.business-standard.com. Retrieved 30 November 2022.
  24. ↑ Mehta, Sangita. "Future Retail lenders select Deloitte backed interim resolution professional to take the company to bankruptcy court". The Economic Times. Retrieved 9 April 2022.

External links[edit | edit source]

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