Recent Amendments in the IBC, 2020

The 2020 Amendment to the IBC, amid the pandemic, is proving to be inefficiently drafted and is being critiqued in this paper along with its impact. The world of insolvency and bankruptcy is characterized by constant change and progress.The Insolvency and Bankruptcy Code of India was finally implemented in 2016 after various difficulties and challenges. The code is often questioned as it underwent many amendments since its inception. However, one has to keep in mind that the law must be dynamic in nature and has to be drafted given the context and circumstances of life. Change is something that we often see and hence accordingly in order to keep up with the changing times that code had to be amended. Now, coming to the 2020 amendment it was brought about in order to prevent the unforeseen circumstances caused by the COVID-19 pandemic. Further, this paper also talks about the analysis and the impact of such a change. The step taken by the India government with regards to the IBC law has also been compared with UK and has proved to be efficient in the sense that it was a step in the overall process to handle the unprecedented COVID-19 pandemic which shook the whole world. Thus, overall, the code is a steppingstone in order to deal with the insolvency and bankruptcy issues. The steps taken however in the effect of the pandemic were inefficiently drafted and need to be further rectified in order to avoid confusion and chaos for the following cases.