Preface

One of the major indicators of a Country's economic well being is its continuous rise in the ranks of "Ease of Doing Business". However, Ease of Doing Business, not only means the 'Entry' and 'Operations' aspects of a business, but also the 'Ease of Exit'.

Ease of Exit being one the important indicators, has to be guaranteed by a simple and speedy Insolvency Resolution process. In India, prior to implementation of the Insolvency and Bankruptcy Code, the insolvency resolution process was maze in it selves. It was marked by the existence of several separate insolvency laws like SICA, Debt Recovery Act, etc., which were even sometimes contradictory to each other and to the overall scheme of centralized and simple Insolvency.

In India, the insolvency reforms were overdue for past 60 years. The issue was in broil in since 1964. Several committees in the past had recommended various reforms to the existing insolvency laws. All that was lacking, was a political will to bring such a major economic reform into operation. The Report submitted by the Bankruptcy Law Reforms Committee (BLRC Committee) in 2015 set the ball rolling for our very own Insolvency and Bankruptcy Code. And after getting the mandate of both the Houses of Parliament, the Insolvency and Bankruptcy Code received President's assent on 28-5-2016.

The Insolvency and Bankruptcy Code, 2016 (as amended from time to time) has become one of the most important financial laws of the Country in recent years; covering Financial Institutions, Banks, NBFCs, Companies, Firms, LLPs, Individuals, unincorporated bodies, lenders, Home Buyers, Investors, etc. It must be noted here that at present time, the provisions relating only to Corporate Insolvency have been enforced (notified).

The present Book titled "Insolvency and Bankruptcy--Law and Practice" has been divided into Four Major Parts consisting of Twenty Four Chapters, as elucidated below:

Part I--Introduction

1. Introduction to IBC

2. Overview of IBC

3. Important Terms

Part II--Corporate Insolvency

4. Introduction to Corporate Insolvency Resolution Process

5. Insolvency Professional

6. CIRP--Procedure Explained

7. Fast Track Resolution Process

8. Liquidation Process

9. Liquidator

10. Voluntary Liquidation

11. Cross Border Insolvency

12. Appeals

13. Offences and Prosecutions

Part III--Bankruptcy

14. Introduction

15. Fresh Start Process

16. Insolvency Resolution of Individuals and Partnerships

17. Bankruptcy Proceedings

18. Bankruptcy Trustee and its Functions

Part IV--Related Provisions

19. Companies Act, 2013 Vis-a-Vis IBC--Various Procedures for Companies under IBC

20. NCLT & NCLAT

21. IBC and Impact on Other Acts

22. RBI Guidelines on Stressed Assets

23. SARFAESI Act

24. RDDBFI Act (DRT Act)

The Insolvency and Bankruptcy Code is now three and a half years old and is still being evolving on it most day to day basis. Writing a comprehensive book on such a continuous evolving subject, is always very challenging. However, all efforts have been made to write this book so as to cover every facet of the Insolvency and Bankruptcy Code in the most simplified and lucid language. We are confident that this Book would ensure easy understanding of an otherwise a very complex subject.

JODHPUR	Dr. Avadhesh Ojha
1 FEBRUARY, 2020	CS. Amit Baxi