A clean slate theory in Insolvency and Bankruptcy Code, 2016

The Code outlines separate insolvency resolution processes for individuals, companies and partnership firms. The process may be initiated by either the debtor or the creditors. The IBC was enacted and came into force on 28 May 2016; however, some of the sections were made effective on various dates to implement in a systematic manner. Some of the parts have not even been notified till date, e.g. bankruptcy process for partnership firms and individuals.

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