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VOL. 10, ISSUE 3 (2025)
The way IBC managed itself to combat economic crisis
Authors
Vishnupriya Daga
Abstract

Every sector of the country whether it be economic, social, financial or health was under the surrounding of unforeseen covid-19 disaster. There was stoppage all over the world ensuing unprecedented financial distress. The businesses which were sufficiently established moved down to the financial distress since covid-19 pressure. Many of the viable firms and businesses were under the state of insolvency because of minimal income and non-recovery of debts from market.

Government has undertaken numerous steps to combat with the situation and to maintain constancy in businesses. Insolvency and bankruptcy code ordinance 2020 was pioneered to suspend the insolvency proceedings and some other measures like RBI moratorium and change in threshold limit for initiating insolvency proceeding and relaxation in time-line for completion of process of proceedings etc. was introduced. The mechanism of Insolvency and Bankruptcy Code followed during Covid session was great challenge for the government for the reason that the outcomes were uncertain to pretend that whether it will fulfil the need of hours or remain unsuccessful causing hassle. The successful implication of the measures by Government of India has been effective to pact with the circumstances of covid-19 stress. The coordinating of this contingent happening has stronger the Insolvency and Bankruptcy Code and gave a way forward for the regular implementation of the regulations of the IBC.
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Pages:52-57
How to cite this article:
Vishnupriya Daga "The way IBC managed itself to combat economic crisis". International Journal of Advanced Research and Development, Vol 10, Issue 3, 2025, Pages 52-57
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