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: ·        It consolidates and amends various existing laws related to insolvency and bankruptcy, providing a unified and comprehensive legal framework for resolution and liquidation. ·        To provide a time-bound resolution process for distressed companies, preventing the undue delay in insolvency proceedings ·        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. ·        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. ·        To balance the interests of all stakeholders, including creditors, debtors, and shareholders, by providing a structured process for insolvency resolution. ·        To encourage entrepreneurship and minimize the stigma associated with business failure.
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