This is a law which is said to be a game changer. If you go by the upheaval in the commercial arena , it seems to be so. It is a treat to watch debtors chasing creditors instead of the other way round–which has been the practice so far and the creditors [ banks ] were at the mercy of the debtors [ read borrowers ]
Particularly happy must be those suppliers of goods and services [ including the workers, employees ] who have a weapon to beat the erring debtors. As per the latest statistics released by Insolvency & Bankruptcy Board of India [ IBBI ] nearly 50% of cases were referred by operational creditors. This also shows that operational creditors were in need of such a law which not only gives speedier decision but which is comparatively less costly.
Code updated upto 06.06.2018