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Abstract
The Indian legal framework on insolvency and bankruptcy has long been criticised for being complicated and outdated legislation, therefore the parliament codified a new legislation for the time bound insolvency and bankruptcy procedure. The Insolvency and Bankruptcy Code, 2016 (Code), which came into existence on May 28 2016, seeks to address the gap between the present regime and provide a consolidated framework for the insolvency of individuals, companies, limited and unlimited liability partnerships. While the Code provides a mechanism for time-bound recovery of dues from insolvent debtors through a resolution process which contributes the ease of doing business in India, whether it would prove effective in dealing with cross-border insolvency is debatable.