This thorough handbook, written by a recognised legal expert Mr. Anant Merathia, tries to break down the complexity of the IBC, making it accessible and clear to a wide variety of stakeholders such as enterprises, employees, creditors, authorities, shareholders, and others.
The fundamental goal of the book is to bridge the gap between complex legal jargon and the real-world impact of the IBC on diverse parties. The book offers readers with the knowledge needed to navigate the IBC landscape efficiently by offering simple explanations and breaking down complex legal and procedural concerns.
The IBC, which is frequently viewed as a complex and intimidating legal structure, has given rise to various myths and misconceptions. The author's objective involves debunking myths and explaining misconceptions through well-researched insights, resulting in a better-educated public conversation.
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The book's proactive approach to tracking and chronicling the evolution of the IBC since its beginnings is one of its distinguishing features. The author emphasises the Indian government's proactive efforts, including legislative modifications and the development of regulatory agencies, to ensure the IBC's efficiency and relevance.
The book examines promoters' and guarantors' perspectives, recognising their vital significance in India's economy and commercial scene. The book investigates the complicated considerations faced by promoters and the broader ramifications on the ease of conducting business and exit by studying scenarios in which enterprises suffer financial hardship and insolvency.
Another important stakeholder group-operational creditors, is given special consideration in the book. The book deconstructs the difficulties and intricacies of their position inside the IBC framework, addressing negotiation power, claim status, and their frequently complex relationship with financial creditors.
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A separate chapter tackles the perspective of financial creditors, providing useful insights for organised banks, individual lenders, NBFCs, and other financial institutions. The book discusses creditor disagreements and the complexities of secured and unsecured claims.
The book includes a section for insolvency professionals (IPs) that discusses the special problems they confront as facilitators and coordinators among various parties. Practical guidance and instructions are provided to help them be more effective in their responsibilities, addressing issues such as committee formation, claim verification, cost control, and more.
"Defaulters Paradise Lost: Demystifying The Insolvency and Bankruptcy Code, 2016: Insights for Stakeholders" emerges as a beacon of knowledge for anybody navigating the complicated labyrinth of insolvency and bankruptcy law in India, thanks to its comprehensive material and practical recommendations. The book is poised to make a substantial contribution to the IBC's knowledge and application, ensuring that stakeholders are better able to make informed decisions and advocate for their interests within this legal framework.
