debt: Acknowledgement of debt: Is it bankers' safe haven under IBC?
The Insolvency and Bankruptcy Code, 2016 (IBC) was enacted to facilitate expeditious resolution of insolvency, promote availability of credit and balance the interest of stakeholders. The IBC recognised the crucial stake of banks and financial institutions (FI) and conferred upon them a pivotal role and decision making powers in the corporate insolvency resolution process (CIRP). However, the initial euphoria of banks and FIs quickly faded due to ambiguities in certain provisions, multiple challenges by borrowers during the CIRP, conflicting rulings on the interpretation of the IBC, and mult...
Source: indiatimes.com