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Abstract

The bankruptcy framework prevailing in India, traces its roots back to colonial rule. That framework has undergone a number of amendments over the past 200 years, creating a plethora of overlapping and sometimes conflicting articles. The latest attempt at reconciliation of these various Acts was made under the Companies Act, 2013. This paper drives through the land mark amendments in the history of India, leading to the current bankruptcy framework. Each Act is discussed based on the requirements, procedures and outcomes post enactment. Also, the major pros and cons of the different Acts are identified, and a critical analysis is presented of the latest Act, Companies Act, 2013. Moreover, the provisions of Chapter 7 and Chapter 11 of the U.S Bankruptcy Framework are compared against the provisions of these Acts. The paper then presents a diluted, easy to understand, step by step procedure of the current bankruptcy framework. Followed by a case analysis of a recent prominent Bankruptcy, to elicit the issues in the current framework. In conclusion, a list of recommendations is presented, to improve the Bankruptcy Framework in India.

6. Conclusion

Though the current Bankruptcy system has undergone numerous changes, especially in the last three decades, the process remains overly complicated and extremely time consuming. The roots of the Indian bankruptcy system, stem from the British regime, and the contemporary framework is bereft of standard, cohesive and fair steps for handling bankruptcies. The framework is complicated and though it encompasses numerous statutes, enforcement of them is exiguous. The current framework is still far behind in having a cogent and comprehensive structure like those available in countries such as United States. The panoply of Acts are extant and expound on sunder issues, but when practically implemented, are fairly dilating besides contradicting one another in various ways. The latest Act, Companies Act, 2013, has been designed to overcome these shortcomings. This inconsequential and dilating process impediments are recognized distinctly by the current government and conscious efforts are being made to improve the system. The recent press release of Oct 18th 2015 conveys the proclivity of the government, being led by prime minister Narendra Modi, to improve the century old system. Its major focus would be on consolidating the different laws and reducing the delays in the process. Bloomberg business reported that only 25.7 cents per dollar is being recovered by the current system, in contrast to 80.4 cents per dollar in U.S in half the time. The new recommendations and ameliorations are geared towards building a more creditor friendly system, and alongside provide legal indemnifications to unsecured creditors to instill more confidence in them to lend to long-term projects.