India’s Parliament has passed the much-awaited bankruptcy code. Once the Insolvency and Bankruptcy Code 2016 is signed by the president, the country can begin to make it easier to recover debts and wind up failing companies. The new Bankruptcy Code consolidate the numerous insolvencies laws into one framework and create a new institutional structure. Two new entities will rule over bankruptcy cases: The National Company Law Tribunal, for companies and limited liability partnerships, and the Debt Recovery Tribunal, which will act on individual and partnership firms’ insolvencies. A third new entity, the Insolvency and Bankruptcy Board of India, will regulate

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