What does IBC stand for?
The Full form of IBC Is Independence Blue Cross , or IBC stands for Independence Blue Cross,
“The Insolvency and Bankruptcy Code, 2016 (IBC) is a significant reform in India’s economic history. It was enacted to consolidate and amend the laws relating to reorganization and insolvency resolution of corporate persons, partnership firms and individuals in a time-bound manner. The IBC was implemented on 1st December 2016, and it has been instrumental in resolving the issue of non-performing assets (NPAs) of banks and financial institutions.
IBC and its significance
The IBC is a game-changer for India’s economic landscape as it aims to resolve the issue of NPAs, which has been a major concern for banks and financial institutions. The Code provides for a time-bound resolution of insolvency, which ensures that the value of the assets is maximized. Additionally, it also provides for the protection of the interests of all the stakeholders, including the creditors, employees, and shareholders.
Corporate Insolvency Resolution Process (CIRP)
The IBC provides for a Corporate Insolvency Resolution Process (CIRP) to resolve the insolvency of corporate persons. The CIRP is initiated by filing an application by the operational creditor, financial creditor, or the corporate debtor itself. Once the application is admitted, an Interim Resolution Professional (IRP) is appointed to manage the affairs of the corporate debtor. The IRP then invites claims from the creditors and prepares a list of creditors.
Insolvency Resolution Process
The IBC provides for a time-bound resolution process of 180 days, which can be extended by 90 days. The resolution process involves the preparation of a resolution plan by the resolution professional and its approval by the Committee of Creditors (CoC). The resolution plan, if approved, is then presented to the National Company Law Tribunal (NCLT) for its approval.
The National Company Law Tribunal (NCLT) is the adjudicating authority under the IBC. The NCLT is responsible for admitting or rejecting the insolvency resolution application, appointing the resolution professional, approving the resolution plan, and passing an order for the liquidation of the corporate debtor.
Role of the Insolvency and Bankruptcy Board of India
The Insolvency and Bankruptcy Board of India (IBBI) is a regulatory body established under the IBC. The IBBI is responsible for regulating the functioning of the insolvency professionals, information utilities, and the agencies involved in the resolution and liquidation process under the IBC.
Impact of IBC
The IBC has had a significant impact on the Indian economy since its implementation. It has helped in resolving the issue of NPAs and has provided a time-bound resolution process for insolvency. Additionally, it has also improved the ease of doing business in India by providing a clear and efficient framework for resolving insolvency.
In conclusion, the Insolvency and Bankruptcy Code, 2016 is a historic reform that has provided a much-needed solution to the issue of NPAs in India. It has provided a time-bound resolution process, protection of the interests of all stakeholders, and has improved the ease of doing business in India. With the implementation of IBC, India is now considered as one of the best in the world for resolving Insolvency.”
Following is the list of various IBC full forms. It contains various acronyms and their meanings that are important to know.
|IBC Full Form In International Code Counci||International Building Code|
|IBC Full Form In Company||International Business Company|
|IBC Full Form In Organization||International Business Corporation|
|IBC Full Form In Business||Interior Business Center|
|IBC Full Form In Test||Iron Binding Capacity|
|IBC Full Form In Banking||International Bancshares Corporation|
|IBC Full Form In Business||International Business Corporation|
|IBC Full Form In Law||Insolvency And Bankruptcy Code|
|IBC Full Form In Economics||Integrated Business Curriculum|
|IBC Full Form In Chemical||Intermediate Bulk Container|
|IBC Full Form In Ncc||Indiancc Platform|
|IBC Full Form In Stock Market||Insolvency And Bankruptcy Code|
|IBC Full Form In Medical||Inflammatory Breast Cancer|
|IBC Full Form In Hindi||दिवाला और दिवालियापन संहिता|
|IBC Full Form In Shipping||Intermediate Bulk Container|
|IBC Full Form In Radio||International Broadcasting Corporation|
|IBC Full Form In Bada Business||Independent Business Consultant|
|IBC Full Form In Packaging||Intermediate Bulk Container|
|IBC Full Form In Cycle||Iowa Bicycle Coalikion|