KEY FACTS OF BANKRUPTCY, INSOLVENCY & REHABILITATION PROCEEDINGS UNDER INDIAN LAW -

The New Code:

Introduction of a comprehensive insolvency and bankruptcy law in India is a recent event, with the introduction of the Insolvency and Bankruptcy Code, 2016 (“the Code”) in 2016. The Code is oriented to be the umbrella legislation in India for laws relating to insolvency and bankruptcy. The Code is still in its early years, and as a result, the regulatory and judicial landscapes around it are frequently changing. At present, the Code only governs rehabilitation and liquidation of companies, but its scope will eventually include individuals and others forms of legal entities as well.

The Code is administered through the newly formed National Company Law Tribunals (“NCLT”) across India, with an appellate tribunal based in New Delhi, and the Supreme Court of India having the final jurisdiction....