In 2016, the Government enacted the Insolvency & Bankruptcy Code, 2016 (IBC), which came as a rescue for the snail-paced debt recovery regime and provided a consolidated legal framework in place of the highly fragmented Insolvency and Bankruptcy regime in India. The IBC has been subject to extensive discussion and debate. Certain discrepancies have been noticed in the corporate insolvency resolution regime. However, the Government is implementing changes in alternating phases and recently, the Ministry of Corporate Affairs issued a circular that shareholders’ approval need not be sought separately for approving the resolution plan. Read More