#GS_3
#Economy #IBC #Insolvency
✅ The IBC was introduced in 2016 to consolidate previously available laws to create a time-bound mechanism with a creditor-in-control model as opposed to the debtor-in-possession system.
✅ Recently, FM made remarks on IBC for loosing its sheen. Make a short note on IBC, its provisions, succes, limitations and way forward.
✅ Difference between Insolvency and Bankruptcy
➖ Insolvency is a situation where individuals or companies are unable to repay their outstanding debt.
➖ Bankruptcy, is a situation whereby a court of competent jurisdiction has declared a person or other entity insolvent, having passed appropriate orders to resolve it and protect the rights of the creditors. It is a legal declaration of one’s inability to pay off debts.
🔗➖ @prep4upsc
#Economy #IBC #Insolvency
✅ The IBC was introduced in 2016 to consolidate previously available laws to create a time-bound mechanism with a creditor-in-control model as opposed to the debtor-in-possession system.
✅ Recently, FM made remarks on IBC for loosing its sheen. Make a short note on IBC, its provisions, succes, limitations and way forward.
✅ Difference between Insolvency and Bankruptcy
➖ Insolvency is a situation where individuals or companies are unable to repay their outstanding debt.
➖ Bankruptcy, is a situation whereby a court of competent jurisdiction has declared a person or other entity insolvent, having passed appropriate orders to resolve it and protect the rights of the creditors. It is a legal declaration of one’s inability to pay off debts.
🔗➖ @prep4upsc
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