Question
Which of the following is not an objective of the
Insolvency and Bankruptcy Code, 2016?Solution
The objective behind Insolvency and Bankruptcy Code, 2016 is to create a more effective and time-bound insolvency resolution process. It aims to address several key issues in the previous bankruptcy and insolvency framework such as: 路聽聽聽聽聽聽聽聽 It consolidates and amends various existing laws related to insolvency and bankruptcy, providing a unified and comprehensive legal framework for resolution and liquidation. 路聽聽聽聽聽聽聽聽 To provide a time-bound resolution process for distressed companies, preventing the undue delay in insolvency proceedings 路聽聽聽聽聽聽聽聽 To maximize the value of assets of insolvent companies and ensure that creditors, including operational creditors, receive a fair and equitable share of the proceeds. 路聽聽聽聽聽聽聽聽 To preserve the viable parts of a business while dealing with non-viable parts in an orderly manner. The emphasis is on keeping the business as a going concern as far as possible. 路聽聽聽聽聽聽聽聽 To balance the interests of all stakeholders, including creditors, debtors, and shareholders, by providing a structured process for insolvency resolution. 路聽聽聽聽聽聽聽聽 To encourage entrepreneurship and minimize the stigma associated with business failure.
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