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Description
Insolvency and Bankruptcy Code, 2016 is an act to consolidate and amend the laws relating to reorganization and insolvency resolution of corporate persons, partnership firms, and individuals in a time-bound manner for maximization of value of assets of such persons, to promote entrepreneurship, availability of credit and balance the interests of all the stakeholders including alteration in the order of priority of payment of Government dues and to establish an Insolvency and Bankruptcy Board of India, and for matters connected therewith or incidental thereto.
What is difference between insolvency and bankruptcy?
Insolvency refers to a state of financial distress wherein a person or enterprise is no longer able to pay the debts when they fall due for payment. On the other hand, Bankruptcy is a legal declaration by the court, on the failure of the insolvency resolution process to settle the debts of the person.
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