Reverse Insolvency: A Judicial Innovation with Unintended Consequences
Introduction Due to the claims of homebuyers, the Insolvency and Bankruptcy Code, 20161 (hereinafter, “the Code or IBC”) has seen several developments since its inception. A recent judicial experiment in this respect is the National Company Law Appellate Tribunal (NCLAT) devised “reverse corporate insolvency resolution process (reverse CIRP)”, which has no genesis under the Code. […]
