Generally, Bankruptcy is a
process by which individuals and businesses pay their debt entirely or pay back
their debt over time. In 2016, the Indian Government enacted a law to simplify
and expedite the insolvency and bankruptcy proceedings in India. The objective
behind framing such law is to protect the interest of creditors including
stakeholders in a company and to offer the necessary relief to the creditors
who are waiting for their payment for a long time.
