The Insolvency and Bankruptcy Code, 2016 (hereinafter referred to as ‘IBC’) has been brought about to consolidate laws relating to reorganization and insolvency resolution of corporate persons. Amongst other things, its purpose is to provide for a time bound mechanism for settlement of insolvency proceedings in a manner which maximizes value of assets of interested persons, at the same time balancing the interest of all stakeholders including payment of government’s dues.
Source: taxmann.com
