Impacts of Insolvency and Bankruptcy Code of India (IBC) on Provisions, Rules and Laws

Before the introduction of Insolvency and Bankruptcy Code, sickness issues of companies were dealt with high court through different provisions, rules and laws. There was no predetermined time limit to solve the issues and ultimately leading to a huge national waste of time and resources.

For a solution to all the above problems, Government has introduced Insolvency and Bankruptcy Code. Insolvency and Bankruptcy Code was passed on 28.05.2016 and implemented on 01.12.2016. Now all the sickness issues of Companies and dealt with National Company Law Tribunal (NCLT) with a predetermined time bound manner.

Due to the introduction of Insolvency and Bankruptcy Code, there will be lots of changes in the existing provisions, rules and laws dealt with companies. Here are some of them:

  1. The Foreign Trade (Development and Regulation) Act, 1922
  2. The Reserve Bank of India Act, 1934
  3. The Central Excise Act, 1944
  4. The Prevention of Food Adulteration Act, 1954
  5. The Essential Commodities Act, 1955
  6. The Securities Contracts (Regulation) Act, 1956
  7. The Income-tax Act, 1961
  8. The Customs Act, 1962
  9. The Water (Prevention and Control of Pollution) Act, 1974
  10. The Conservation of Foreign Exchange and Prevention of Smuggling Activities Act, 1974
  11. The Air (Prevention and Control of Pollution) Act, 1981
  12. The Sick Industrial Companies (Special Provisions) Act, 1985
  13. The Environment (Protection) Act, 1986
  14. The Prohibition of Benami Property Transactions Act, 1988
  15. The Prevention of Corruption Act, 1988
  16. The Securities and Exchange Board of India Act, 1992
  17. The Foreign Exchange Management Act, 1999
  18. The Competition Act, 2002
  19. The Prevention of Money-laundering Act, 2002
  20. The Limited Liability Partnership Act, 2008
  21. The Foreign Contribution (Regulation) Act, 2010
  22. The Companies Act, 2013 (18 of 2013) or any previous company law
  23. The Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015
  24. The Insolvency and Bankruptcy Code, 2016
  25. The Central Goods and Services Tax Act, 2017

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