Introducing the New Elective on the Insolvency and Bankruptcy Code 2016 for Law Students

Unlocking Opportunities: Introducing the New Elective on the Insolvency and Bankruptcy Code 2016 for Law Students

13th Jun, 2024

The best thing about Law is also the most challenging aspect about the discipline and that is its ever evolving nature. As societies progress, laws shift in their nature and scope embracing multitude of societal, behavioural and economic changes that require to be addressed. This dynamic nature of law can pose a challenge to law students and practitioners alike who need to be always updated with the changing tides. Recently, India witnessed a significant economic reform with the passing of the Insolvency and Bankruptcy Code 2016 (IBC or Code) which changed the insolvency landscape of the nation. The new law opened doors for new interpretations, application as well as an opportunity to learn. Given the growing demand for expertise in this area, School of Law at The NorthCap University has included a special elective course on Insolvency and Bankruptcy Code 2016 as part of its curriculum.

As one of the best Private Law Colleges in Delhi NCR, The NorthCap University’s School of Law has taken significant steps to make room for diverse careers in Law. In tune with this mission, the Law School periodically updates its curriculum to keep in touch with the dynamic law of the nation.

The elective course on IBC aims to cover the fundamentals of the Code along with its application, important case laws as well as the impact of the Code on the Indian Financial System and Insolvency Regime.

Why Study the Insolvency and Bankruptcy Code 2016?

Like any other modern insolvency regime, the IBC has been designed to offer both a ‘rescue mechanism’ and ‘exit route strategy’ when any Corporate Debtor becomes insolvent. The Code offers a creditor-driven model which allows for reorganisation or insolvency resolution using a time-bound mechanism such that the market can retain credit availability without compromising on the interests or motivation of any stakeholders involved. In other words, the much needed law makes it easier for weak companies to exit or restructure their businesses.

One of the novel features of the IBC is the classification of creditors as — Financial Creditors and Operational Creditors. India has the unique distinction of being the only country with this classification.  

As per its preamble, the foundational objectives of the Code are as follows: 

“An Act to consolidate and amend the laws relating to reorganisation and insolvency resolution of corporate persons, partnership firms and individuals in a time bound manner for maximization of value of assets of such persons, to promote entrepreneurship, availability of credit and balance the interests of all the stakeholders including alteration in the order of priority of payment of Government dues and to establish an Insolvency and Bankruptcy Board of India, and for matters connected therewith and incidental thereto.”

The course offers students the opportunity to learn the key characteristics of the law and apply them to real world scenarios in their practise at corporate firms or as lawyers. The students will also have the opportunity to analyse the judgments of the National Company Law Tribunal (NCLT) and the National Company Law Appellate Tribunal (NCLAT) giving them insights into corporate restructuring and the jurisprudence on the same.

Course Highlights

The new elective will cover the entire spectrum of the IBC, including:

  • Historical Context and Need for Reform: Understanding the inefficiencies in the previous system and the impetus for the IBC.
  • Key Provisions and Structure: Detailed study of the code, its chapters, and the roles of various stakeholders.
  • Resolution Process: Step-by-step analysis of the corporate insolvency resolution process (CIRP) and liquidation proceedings.
  • Case Studies and Practical Insights: Examination of landmark cases and practical insights from industry experts.
  • Cross-border Insolvency: An emerging area of interest, focusing on the global aspects of insolvency and the need for international cooperation.

In addition to the structured course format, the students will also benefit from the expertise of our distinguished faculty as well as guest lectures from renowned insolvency practitioners, judges, and corporate lawyers.

The introduction of the new elective on the Insolvency and Bankruptcy Code 2016 marks a significant step in enriching the academic offerings for law students. This course promises to unlock numerous opportunities, providing students with the knowledge and skills necessary to navigate the complexities of insolvency law and play a vital role in the financial and legal ecosystem.

Authored By

Arushi Anthwal
Designation: Assistant Professor, School of Law
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