Corporate and personal insolvency.

insolvency is seperate for limited liability partnership

Acts that revolve individual insolvency

Presidency towns insolvency act 1909
- procedures to resolve individual insolvency
Provincial insolvency Act 1920
- still valid if it comes to indivudual insolvency
Indian Partnership Act 1932
- dissollution of partnership- financially not well.
Sick industrial Companies Act 1935
- Repealled in 2013. - No more sick industries
Recovery of debts due to banks and financial institutions Act 1993
- New economic policy was introduced. - FDI is governed through this
- banking assets to be secured through this act. - only for bank loans
Corporate Debt Re construction scheme 2001
- RBI- Includes bank reconstructions - To reconstruct debt
-Scheme has withered away. -2016 this policy has been taken out of force
SARFESI Act 2002
- There are certain limitations - Only secured debts are covered under this act
LLP Act 2008
-provision for disolution of LLP's.
Companies Act 2013
- Amended in line with 2016 IBC Code

Why is it IBC Code and not act?

- Consolidating various dimensions into one enactment means it has to be a code.
- Any major enacment must be known as a code.

What is the major differences between Presidency Towns insolvency act and
provincial insolvency act?
- In british era there were only 3 presidency courts
- Very few commercial acts outside these 3 places.
- provincial insolvency act was applicable to every place other than these 3
places.

Joint Debtors
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