{"id":2350,"date":"2017-06-18T19:23:04","date_gmt":"2017-06-18T13:53:04","guid":{"rendered":"http:\/\/blog.forumias.com\/?p=2350"},"modified":"2017-06-19T20:44:11","modified_gmt":"2017-06-19T15:14:11","slug":"what-is-bankruptcy-code","status":"publish","type":"post","link":"https:\/\/forumias.com\/blog\/what-is-bankruptcy-code\/","title":{"rendered":"What is Bankruptcy code?"},"content":{"rendered":"<ul>\n<li>The\u00a0Insolvency and Bankruptcy Code, 2016\u00a0(IBC) is the bankruptcy law of India that administers the insolvency proceedings and establishes a framework for\u00a0insolvency resolution processes effectively<\/li>\n<li>The Insolvency and Bankruptcy Code was introduced by (FM) <strong>Arun Jailtely<\/strong> in December\u201915 and was subsequently passed by the Lok Sabha on 5 May\u201916. However the act was finally approbated on 28 May 2016.<\/li>\n<li><strong>Key Features<\/strong>\n<ul>\n<li>The Code outlines separate insolvency resolution processes for individuals and companies<\/li>\n<li>The Code acts as a regulator by establishing the\u00a0<strong>Insolvency and Bankruptcy Board of India<\/strong>.<\/li>\n<li>The board oversees the insolvency proceedings in the country and regulates the entities registered below it. The Board has 10 members, which includes representatives from the <strong>Ministries of Finance and Law<\/strong>, and <strong>the\u00a0Reserve Bank of India.<\/strong><\/li>\n<li>The insolvency process isaccomplished by licensed professionals. These professionals also control the assets of the debtor during the insolvency procedure.<\/li>\n<li>The Code proposes two distinct tribunals to supervise the process of insolvency resolution, for individuals and companies:<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<p>(i) <strong>The National Company Law Tribunal for\u00a0Companies\u00a0and\u00a0Limited Liability Partnership firms<\/strong>;<\/p>\n<p>(ii) <strong>The Debt Recovery Tribunal for individuals and partnerships<\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The\u00a0Insolvency and Bankruptcy Code, 2016\u00a0(IBC) is the bankruptcy law of India that administers the insolvency proceedings and establishes a framework for\u00a0insolvency resolution processes effectively The Insolvency and Bankruptcy Code was introduced by (FM) Arun Jailtely in December\u201915 and was subsequently passed by the Lok Sabha on 5 May\u201916. However the act was finally approbated on&hellip; <a class=\"more-link\" href=\"https:\/\/forumias.com\/blog\/what-is-bankruptcy-code\/\">Continue reading <span class=\"screen-reader-text\">What is Bankruptcy code?<\/span><\/a><\/p>\n","protected":false},"author":61,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"footnotes":""},"categories":[26],"tags":[],"class_list":["post-2350","post","type-post","status-publish","format-standard","hentry","category-kb","entry"],"jetpack_featured_media_url":"","views":{"total":27,"cached_at":""},"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/posts\/2350","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/users\/61"}],"replies":[{"embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/comments?post=2350"}],"version-history":[{"count":0,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/posts\/2350\/revisions"}],"wp:attachment":[{"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/media?parent=2350"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/categories?post=2350"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/tags?post=2350"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}