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Iqtisodiyot:
tahlillar va prognozlar
legislation has attracted investors from abroad because
they now seek India as a legible place for investment
owing to the reasons as, smaller timeframe for resolution
reduces risk of losing investment and flexible exit
policy, even when company becomes insolvent the IBC
gears towards maximum realisation of value of assets,
etc. India received FDI worth USD 42 Billion in 2018
[9]. In 2019, India was the ninth largest recipient of
FDI and attracted USD 49 Billion of FDI in 2019 [10].
According to CRISIL, GNPAs was 11.5% in March
2018 which declined to 9.3% in March 2019 and it was
also estimated that GNPAs would go down to 8% by
March 2020 [11]. There is still scope for improving
the resolution framework of stressed assets in the
economy. Eventually, keeping in view the above charts
and explanations, it can be concluded that all aspects
of IBC have to be examined which would rehabilitate
corporate debtor or provide time bound resolution, or
recover stressed assets or liquidate the debtor.
The IBC for the first time in India has brought a
regulated profession of Insolvency Professionals
to act as Resolution Professional (RP) in corporate
resolution, liquidator in case of liquidation and
bankruptcy trustee in case of individual bankruptcy. In
corporate resolution RP performs various tasks under
the control of Committee of Creditors (CoC), he takes
over the management of the company, he has to ensure
that the business goes uninterrupted and his major task
is to bring the creditors on table and have a feasible
resolution plan which is accepted to by everyone.
Therefore, the RP is required to possess the appropriate
skills, knowledge and expertise to ensure that the
entire proceedings are conducted in an effective and
efficient manner. The UNCITRAL Legislative Guide
on Insolvency Law recognises the role of insolvency
representative [12]. BLRC also emphasized and
recommended to enable an industry of licensed and
regulated professionals, termed as RPs to handle the
entire insolvency process [13]. The role of RP ends on
the approval of the resolution plan by the Adjudicating
Authority and so work of actual restructuring of the
company does not comes under his purview. His role
should extend till the end of restructuring process.
In this research work the researcher aims to explore
and examine the impact of the IBC framework on the
Indian Economy by analysing and comparing the pre
IBC and post IBC data through parameters such as,
NPAs, FDIs and M&A deals in India, to find out that
has the IBC really been instrumental by becoming a
powerful legislation in the economic development
of India and make recommendations for expanding
the role of Insolvency Resolution Professional as
Turnaround Professionals for a comprehensive and
speedy restructuring process. This research study is the
need of the hour.
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