Insolvency and Bankruptcy Code (IBC) provides for a time-bound process to resolve insolvency. When a default in repayment occurs, creditors gain control over debtor’s assets and must take decisions to resolve insolvency. Under IBC debtor and creditor both can start ‘recovery’ proceedings against each other.

IBC is a new area of practice for everyone but in a few years it has developed into one of the most exciting and important aspects of Business in India.