Objective & Relationship between Bankruptcy, Insolvency & Liquidation 

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..... y process begins with a petition field by debtor, or by the creditors. All of the debtors assets are measured and evaluated, and the assets may be used to repay a portion of outstanding debt. Liquidation:- is winding up of a corporation or incorporated entity. there are many persons that can initiate proceeding to cause the liquidation, those being The regulatory bodies The directors of a company .....

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..... of all the stakeholders including alteration in the order of priority of payment of Government dues. To establish an Insolvency and Bankruptcy Board of India as a regulatory body for the Code. Judicial pronouncements with regard to Objectives of Code The Supreme Court in case of Innoventive industries Ltd. Vs. ICICI Bank Anr. 2017 (9) TMI 58 - SC dated 31.08.20017 One of the important objective o .....

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..... oters/those who are in management. The defaulter s paradise is lost. In its place, the economy s rightful position has been gained. Action Ispat Power Pvt. Ltd. Vs. Shyam Metalics Energy Ltd. Ors. 2019 (10) TMI 378 - DELHI- HC dated 10.10.2019 The proceedings under Code are independent and have an object different from the one envisaged under the scheme of liquidation provided in the company law. .....

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