Sign up now
to enroll in courses, follow best educators, interact with the community and track your progress.
Enroll
335
Download
(GS3) Issues in Insolvency and Bankruptcy Code
58 plays

More
In this course, we will discuss daily editorials for a structured preparation for Mains 2019.

Yasmin Gill
Discount Code-"yashi.gill01"/Qualified for UPSC mains/Rank 24th in Punjab PCS

U
Unacademy user
Ar
very nice sir please continue
  1. IBC and its drawbacks By Yasmin Gill


  2. Profile Know your educator Yasmin Gill L9M 4-9 Yasmin Gill Educator ine October 2016 Referral Code yashi g0/Qualfied for UPSC mains/Rank 24th in Punjab PCS 160k 3 Edit Profile BE (EEE) from UIET, PU in 2014 Need help? Chat with us Educatot Status Active Qualified for UPSC Mains State Rank 24 in Punjab Civil Services 2015 Biling Information Feed Prae Follow me on Unacademy unacademy.com/user yashi.gill01


  3. plus Discount Code yashi.gill01 ETHICS, INTEGRITY & APTITUDIE Complete Course on Ethics, Integrity & Aptitude Lesson 27 Today, 6:00 PM Yasmin Gill OFF


  4. Discount Code-'yashi.gillo1' QUESTION OF THE DAY Q- IBC is neither expedient nor appropriate in Indian context. Discuss


  5. INSOLVENCY LAW In Indian context, NPA dilemma would have been substantially different in absence of public ownership of lenders, absence of performance de-linked matrix for credit disbursal and control, and government playing bankers to businesses This eventually became the fountainhead of massive NPAs in our system So attributing it solely to a failed promoter, is false logic Insolvency and Bankruptcy Code in its present form was never a cure for this problem.


  6. IBC-Paradigm shift which places the creditor in control of the debtor According to IBC, a default of 10 and 90 days in satisfying an operational or financial creditor, respectively, debars this promoter from resolution process Now, this creditor, incompetent to run his own house, wholly remiss in credit sanctions and management, which in the first resolution professional who doesnit understandsthe debtons ,to assist in resolution In all of it, the promoter dies first and then the debtor


  7. It has caused acute discomfort among Indian promoters The constantly looming threat of losing the ownership and, thereby the entire promoter capital in an uncontrolled quick span, does not provide an environment conducive to sustained entrepreneurship Above it, India's high cost of capital, seasonality of large businesses, severe government interference and other unique complexities are compounded In IBC, there exists a single enemy, the failed promoter and it tries to save the corporate debtor


  8. Indian entrepreneurship is a unique and complex space Comparing it with the space in London and Singapore does disservice In India, an entrepreneur is rarely distinct from their corporate establishment The latter does not survive without the former Our problems are different. We cannot do with an imported solution, or even a customized one. We need entirely new one


  9. IBC's validity has now been fully affirmed by SC in the Swiss Ribbons case The justices avoided interfering in this "economic" legislation, following a hands-off approach Comparative assessments like a quick resolution in London or Singapore contrasted in our context are simplistic Social and corporate life are an output of habituated acts produced by norms of personal and environmental forces rather than conscious practice of lavw


  10. So IBC was neither expedient nor appropriate in Indian context If mere resolution of disputes were the solitary objective of the IBC, then there is reasonable success, whereas if its preamble had any guiding relevance, then objectives are missed .Benjamin N. Cardozo, the best of American judges, held way back that the life of the law has not been logic: It has been experience IBC might hasten the cold demise of entrepreneurship and promotership in India