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