The Insolvency and Bankruptcy Code (IBC), 2016 is a significant legislation in India aimed at providing a comprehensive framework for resolving insolvency and bankruptcy matters efficiently and effectively. Here's the summary of the key provisions of the Insolvency and Bankruptcy Code:

• Insolvency Resolution and Liquidation for Corporate Persons Corporate Insolvency Resolution Process
• Liquidation
• Insolvency Resolution and Bankruptcy for Individuals and Partnership Firms
• NCLT Matters

• Objective:

  The primary objective of the IBC is to consolidate and amend the laws relating to reorganization and insolvency resolution of corporate persons, partnership firms, and individuals in a time-bound manner for maximization of the value of assets.

• Corporate Insolvency Resolution Process (CIRP):

  The IBC provides for a time-bound process for the resolution of corporate insolvency. It allows creditors to initiate insolvency proceedings against a defaulting corporate debtor and appoint an insolvency professional to manage its affairs during the resolution process.

• Adjudicating Authority:

  The National Company Law Tribunal (NCLT) is the adjudicating authority for corporate insolvency resolution proceedings under the IBC. It has the power to admit or reject insolvency applications, appoint interim resolution professionals, and approve resolution plans submitted by resolution applicants.

• Insolvency Professionals:

  Insolvency professionals (IPs) play a crucial role in the insolvency resolution process. They are licensed professionals who manage the affairs of the debtor during the resolution process and facilitate the formulation and implementation of resolution plans.

• Insolvency Resolution and Liquidation:

  The IBC provides for two main outcomes of the insolvency process: resolution and liquidation. If a viable resolution plan is approved by the creditors and the NCLT, the corporate debtor is revived, and the insolvency process is concluded. If no resolution plan is approved or if the process fails, the corporate debtor may be liquidated to realize its assets and distribute them among creditors.

• Cross-Border Insolvency:

  The IBC also contains provisions for dealing with cross-border insolvency matters, including cooperation and coordination with foreign courts and authorities in insolvency proceedings involving assets or creditors in multiple jurisdictions.

• Individual Insolvency:

  The IBC provides for a separate process for the resolution of insolvency of individuals and partnership firms. It allows individuals to file for bankruptcy and seek discharge of their debts through a bankruptcy process administered by the Adjudicating Authority for Individual Insolvency.

• Insolvency and Bankruptcy Board of India (IBBI):

  The IBBI serves as the regulatory authority tasked with enforcing and overseeing the provisions of the IBC. It regulates insolvency professionals, insolvency professional agencies, and information utilities, and promotes the development of a transparent and efficient insolvency resolution ecosystem.