The Insolvency and Bankruptcy Code , 2016 has completed 5 (Five ) years since it was implemented in India in 2016 .The Code has brought about a dramatic change in the manner in which the insolvency and bankruptcy proceedings in the country would be handled in a time bound manner . The Code is expected to resolve the non performing asset (NPA) crisis and the resultant slowdown in the availability of credit in the economy. An entirely new ecosystem has come into being as a result of which a host of opportunities have opened up for finance and legal professionals .Since the implementation of the code various applications initiating Corporate Insolvency Resolution Process ( CIRP) have been filed by the corporate debtors , the financial creditors and also the operational creditors . The CIRP’s cases admitted, the number of resolution professionals registered , amount of recoveries made by the financial creditors in the cases resolved so far have been progressively increasing over the years.
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