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The Insolvency and Bankruptcy Code, 2016: Insolvency Professional Agency

The IBC 2016 is a landmark development in the dynamic world of resolution of stressed assets laws in our country. The economy is straddled with humongous NPAs in the financial sector and the twin balance-sheet deficit problem is plaguing the banking sector no end. It’s one of the largest legal move in the country’s war to clean up around $117 billion of stressed assets in the economy. In this situation the IBC, 2016 provides for resolution in a time bound manner, promotes entrepreneurship which will lead to an improvement in credit availability and would balance interest of all stakeholders, the IBC envisages to minimize the role of Adjudicating Authority and tackles laws of 100-year vintage like the The Presidency Towns Insolvency Act, 1909 and Sick Industrial Companies (Special Provisions) Repeal Act, 2003. The present paper is a commentary on the Insolvency Professional Agency framework that is the bulwark of the IBC in terms of the procedural and regulatory ambit of the code. The authors have endeavored to explain the concept of Insolvency Professional Agency along with the role and scope of the Insolvency and Bankruptcy Code, 2016.