DMPQ: Exit problem is the biggest hurdle for Indian firms as per economic survey. To get rid of this Insolvency and Bankruptcy code was passed. What are the features of IBC.
The Insolvency and Bankruptcy Code (IBC) was enacted in 2016 to facilitate a time-bound resolution for ailing and sick firms. It could either be through closure or revival, while protecting the interests of creditors. Under IBC, either the creditor (banks) or the loaner (defaulter) can initiate insolvency proceedings. It is done by submitting a plea … Read more