The draft Insolvency and Bankruptcy Code (hereafter called the Code) has been projected as one of the biggest reforms proposed by the National Democratic Alliance government. A significant change is the promise of a consolidated legal framework for the bankruptcy of all entities. Today, the rules in India governing bankruptcy depend on whether the debtor is a company, an individual, an LLP (limited liability partnership) or a partnership firm. To this extent, the Code provides a clean break from the past.
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