Bankruptcy Laws

COURSE OBJECTIVES:

Insolvency is a financial malaise that afflicts the economy and society. Law has to
effectively deal with this malaise. Indian Parliament has repealed the laws dealing
with insolvency and bankruptcy and passed the Insolvency and Bankruptcy Code,
2016(IBC) to consolidate the laws relating to insolvency and bankruptcy of
corporate persons, individuals and corporate firms and to expedite resolutions with
maximization of the value of assets.
The objective of this course is to teach and learn IBC in depth. This course will
include the study of the historical background of IBC, aims and objectives of IBC,
the role, powers and functions of Insolvency Bankruptcy Board of India, provisions
of IBC as to corporate persons, Limited Liability Partnership firms, individuals and
partnership firms.

COURSE OUTCOME:

After completing this course, students will be able to :

1. Understand the role of Insolvency and Bankruptcy Board of India (IBBI) in
   professionalizing insolvency services through regulation and development of
   service providers, namely, insolvency professionals, insolvency professional
   agencies, insolvency professional entities, information utilities, registered
   valuers, and registered valuers‘ organizations
2. Understand in respect of corporate persons the corporate insolvency resolution
   process(CIRP), fast track CIRP, voluntary liquidation process, liquidation
   process and in respect of Micro, Small and Medium Enterprises the
   Prepackaged Insolvency Resolution Process
3. Understand in respect of individuals and partnership firms the fresh start
   process, the insolvency resolution process and the liquidation process
4. Understand the role of insolvency professionals, insolvency professional
   agencies and information utilities
5. Understand the importance, powers and functions of the Adjudicatory
   Authorities under IBC
6. Appreciate the relationship between the government and IBBI and to understand
   Board‘s Fund , Insolvency and Bankruptcy Fund , relevant regulations framed
   by IBBI and rules framed by the government