Corporate Insolvency Resolution Process in India A Legal Study

Abstract

Corporate insolvency has emerged as a critical challenge for economies worldwide, and India newlineis no exception. The introduction of the Insolvency and Bankruptcy Code (IBC), 2016, marked newlinea transformative step in addressing the complexities associated with corporate insolvency in newlinethe Indian context. This PhD thesis, titled Corporate Insolvency Resolution Process in India: newlineA Legal Study, delves into the legal framework, judicial interpretations, and practical newlineimplementation of the Corporate Insolvency Resolution Process (CIRP) under the IBC, 2016. newlineIt aims to evaluate the efficacy of the CIRP in fostering economic revival, enhancing creditor newlineconfidence, and promoting the principles of a time-bound, fair, and efficient insolvency newlineresolution mechanism. The study begins by tracing the historical evolution of insolvency laws newlinein India, highlighting the limitations of pre-IBC regimes, such as the Sick Industrial Companies newlineAct (SICA) and the Companies Act provisions. It examines the policy imperatives that newlinenecessitated the enactment of the IBC, focusing on its objective to balance the interests of newlinecreditors and debtors while ensuring the preservation of distressed assets. A comprehensive newlinelegal analysis is conducted on the procedural aspects of the CIRP, including the initiation of newlineproceedings, the role of the Adjudicating Authority, the appointment and functions of the newlineInsolvency Resolution Professional (IRP/RP), and the formulation of resolution plans. Special newlineemphasis is placed on key judicial pronouncements that have shaped the interpretation and newlineapplication of the Code. Landmark cases, such as Innoventive Industries Ltd. v. ICICI Bank, newlineEssar Steel India Ltd. v. Satish Kumar Gupta, and Swiss Ribbons Pvt. Ltd. v. Union of India, newlineare critically analysed for assessment of the impact on the jurisprudence of corporate newlineinsolvency in India.