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The Insolvency and Bankruptcy Code, 2015: A Primer

'The Bill provides for a time-bound process to resolve insolvency'

Sudipto Dey 

What is insolvency? Insolvency is a situation where individuals or companies are unable to repay their outstanding debt. It may be resolved by changing the repayment plan of the loans, or writing off part of the debt. If insolvency cannot be resolved, assets of the debtor may be sold to raise money, and repay the outstanding debt. Why do we need a new law? Insolvency resolution in India took 4.3 years on an average, as of 2015 (see chart). This is higher when compared to other countries such as United Kingdom (1 year) and United States of America (1.5 years). These delays are caused ...

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First Published: Sat, May 07 2016. 00:25 IST
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