Discuss the key provisions of the Insolvency and Bankruptcy Code. Present a case for its significance and how the recent judgment on Essar Steel is important. (15 Marks)

Mentors Comments: 1. Introduce by defining IBC 2. Touch upon its key provisions 3. Mention the significance of IBC. Highlight the limitations 4. Discuss the ESSAR case and it’s link to IBC mechanism https://m.economictimes.com/news/et-explains/et-explains-how-essar-steel-verdict-changes-the-rules-of-the-game-for-future-bankruptcy-cases/amp_articleshow/72070567.cms Answer: The Insolvency and Bankruptcy Code, 2016 (IBC) is the bankruptcy law of India that seeks to consolidate the existing framework … Continue reading Discuss the key provisions of the Insolvency and Bankruptcy Code. Present a case for its significance and how the recent judgment on Essar Steel is important. (15 Marks)