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Bankruptcy and Insolvency Adjudicator: The Code proposes two separate tribunals to oversee the process of insolvency resolution, for individuals and companies: (i) the National Company Law Tribunal for Companies and Limited Liability Partnership firms; and (ii) the Debt Recovery Tribunal for individuals and partnerships.
It was established on 1 October 2016 and given statutory powers through the Insolvency and Bankruptcy Code, which was passed by Lok Sabha on 5 May 2016. It covers Individuals, Companies, Limited Liability Partnerships and Partnership firms. The new code will speed up the resolution process for stressed assets in the country.
The UNCITRAL Model Law on Cross-Border Insolvency was a model law issued by the secretariat of UNCITRAL on 30 May 1997 to assist states in relation to the regulation of corporate insolvency and financial distress involving companies which have assets or creditors in more than one state.
Bankruptcy Code may refer to: Bankruptcy in Canada; Bankruptcy in China; Bankruptcy in the United States or Title 11 of the United States Code (aka the "Bankruptcy Code") Bankruptcy in the United Kingdom; Insolvency and Bankruptcy Code, an Act made by Parliament of India which governs law related to bankruptcy and insolvency.
Bankruptcy systems predicated on trying to rehabilitate companies (such as Chapter 11 in the United States, or administration orders in the United Kingdom) are fundamentally different in intent and effect to winding-up regimes that seeks to liquidate companies and distribute the proceeds to creditors.
United States bankruptcy courts are courts created under Article I of the United States Constitution. [1] The current system of bankruptcy courts was created by the United States Congress in 1978, effective April 1, 1984. [2] United States bankruptcy courts function as units of the district courts and have subject-matter jurisdiction over ...
IBC Airways, an American airline company; IBC (bus manufacturer), a former Australian bus manufacturer; IBC Vehicles, Isuzu Bedford Company; Índice Bursátil de Capitalización, a stock market index in Venezuela; Institute of Business Consulting, UK; Insolvency and Bankruptcy Code, 2016, India; International Bank of Commerce, Texas, United States
Chapter 15, Title 11, United States Code is a chapter of the United States Bankruptcy Code that deals with jurisdiction in certain bankruptcy cases. Under Chapter 15, foreign bankruptcy proceedings can be recognised by US courts and foreign representatives can participate in domestic proceedings. [ 1 ]
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