A Paradigm Shift of IBC Consequent to Covid 19: An Analysis
School of Law, University of Petroleum and Energy Studies, Dehradun, India.
Volume II – Issue II, 2020
The IBC, 2016 is a landmark development in the dynamic world of resolution of stressed assets laws in our country. The Insolvency and Bankruptcy Code, 2016 is the bankruptcy law of India which seeks to consolidate the existing framework by creating a single law for insolvency and bankruptcy. The research paper analytically encapsulates the principles and the legal framework of the code in reference to COVID 19 pandemic. The Central Government owing to the widespread impact of COVID-19 on the economy, promulgated the IBC amendment ordinance, 2020.
The purpose of this paper is to examine impact of COVID 19 pandemic on Insolvency and Bankruptcy code. This paper also highlights how IBC amendment ordinance, 2020, is highly resourceful in improving India’s image on the global stand. In line with that, the paper also analysis the implementation of ordinance, 2020 in India in respect of current situation of Indian economy. The research paper will also make the reaffirmation regarding the validity of the said amendment as per stakeholders. A laborious effort will be made to check on various challenges faced, and the numerous advantages of emendation in India. Furthermore, a study is also conducted on some International Jurisdictions to showcase their steps in reforming their respective statutes amidst COVID 19. At last, in concluding part an effort will be made to provide some suggestions for amelioration in IBC amidst COVID 19.
Keywords: Insolvency, Bankruptcy, COVID 19, IBC Amendment Ordinance, 2020, International Jurisdictions.