Objective & Relationship between Bankruptcy, Insolvency & Liquidation 

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... uptcy process begins with a petition field by debtor, or by the creditors. All of the debtors assets are measured and evaluated, and the assets may be used to repay a portion of outstanding debt. * Liquidation:- is winding up of a corporation or incorporated entity. there are many persons that can initiate proceeding to cause the liquidation, those being * The regulatory bodies * The direct .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... increase/stimulate availability of credit. * To balance the interests of all the stakeholders including * alteration in the order of priority of payment of Government * dues. * To establish an Insolvency and Bankruptcy Board of India as a regulatory body for the Code. Judicial pronouncements with regard to Objectives of Code * The Supreme Court in case of Innoventive industries Ltd. Vs. .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... n for creditors. * The interests of the CD have, therefore, been bifurcated and separated from that of its promoters/those who are in management. The defaulter's paradise is lost. In its place, the economy's rightful position has been gained. * Action Ispat & Power Pvt. Ltd. Vs. Shyam Metalics & Energy Ltd. & Ors. 2019 (10) TMI 378 - DELHI- HC dated 10.10.2019 * The proceedings under Code .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X