An interesting question has arisen under the Insolvency and Bankruptcy Code, 2016 (IBC) as to whether avoidance applications filed by a resolution professional to avoid vulnerable transactions can survive after the successful conclusion of the resolution process.
Various laws still contain gaps and ambiguities, and reconciliation with the provisions of the Insolvency and Bankruptcy Code, 2016 becomes a challenging task. It is essential to create synergies among specific regulatory laws with the provisions and the process envisaged under the code
By Misha and Shreya Prakash, Shardul Amarchand Mangaldas & Co
It remains to be seen if a modified version of the insolvency resolution process under the IBC will suffice in these vastly changed macro-economic conditions, or if the government will need to offer a new model for insolvency resolution