Abstract:
In India, there are several professions and the professionals who are adherents to these professions. A person who identifies himself with a profession having expertise in a field of activity and considers issues place before him in an objective and impartial manner subject nevertheless to a code of conduct. The Insolvency and Bankruptcy Code is transformational piece of legislation as it seeks to establish an ecosystem for handling Insolvency & Bankruptcy issues. Most importantly it offers an exit plan to all categories of persons – corporate, stakeholders, individuals and partnership firms, apart from over hauling century old legal framework. Hence it is a game changer in which the Bankers, Courts, Investors, and the initiators of insolvency proceedings will have to work in harmony for devising either a survival plan or liquidation of sick units and others facing debt default.