Legal Frameworks for Commercial Project Restructuring and Bankruptcy Protection: A Comparative Analysis

Abstract

A key legislative framework for commercial project restructuring and bankruptcy protection in India is the Insolvency and Bankruptcy Code, 2016 (IBC). In a larger context of legal frameworks for restructuring and bankruptcy protection, this paper assesses the IBC's efficacy. It examines the development of India's insolvency frameworks through time, pointing out unique characteristics and examining procedural rules and underlying legal doctrines. A cross-sectional review of the present state of the Indian insolvency law is provided by the study technique, which combines quantitative and qualitative evaluations. Additionally, it offers an overview of the cases that were decided using the IBC, giving readers a thorough grasp of how it is really put to use. The report analyzes India's place in the world's bankruptcy systems and compares data to determine the advantages and disadvantages of the Indian IBC. Significant advancements in the IBC may be seen in things like improved recovery rates, quick resolution of non-performing assets, and reduced resolution costs. The research does note several areas that need improvement, however. It highlights the importance of the IBC as a key legislative framework for restructuring and bankruptcy protection and makes helpful recommendations for improving the IBC.