What was the legislative intent behind the Insolvency and Bankruptcy Code, 2016?
The legislative intent behind the Insolvency and Bankruptcy Code, 2016 was to consolidate and amend the laws relating to reorganization and insolvency of corporate persons, partnership firms, and individuals. It aimed to simplify the insolvency process, reduce timelines, and prioritize repayment to creditors. It also sought to promote entrepreneurship by making it easier for businesses to make a fresh start after facing financial difficulties.