Paper I · 6 Indian Economy & Planning · 6.2.2 Banking and financial inclusion

6.2.2.5 Insolvency and Bankruptcy Code 2016

The IBC 2016 replaced a patchwork of slow laws with one time-bound process in which creditors, not the promoter, decide the fate of a defaulting company.

  • APPSC Paper I · Paper I
  • Advanced level
  • 5 min read
  • Full course

Key terms

  • IBC
  • NCLT
  • IBBI
  • CIRP
  • committee of creditors
  • resolution professional
  • Section 29A
  • moratorium
  • liquidation
  • Viswanathan

What this note covers

  1. Core factsFoundation
  2. ExplainedStandard
  3. DeeperAdvanced
  4. Mains writingMains writing
  5. Common trapsFoundation
  6. Quick revisionFoundation

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