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Insolvency refers to a financial condition in which an individual, company, or organization is unable to meet its debt obligations as they become due. It represents a state where liabilities exceed assets, or where there is a default in payment to creditors. Insolvency is distinct from bankruptcy, though the terms are often used interchangeably; insolvency is the financial situation of inability to pay, whereas bankruptcy is a legal process declared by a court or authority to address insolvency and provide a structured resolution. In a business context, insolvency can arise from poor management, excessive debt, economic downturns, or operational inefficiencies, and it requires systematic intervention to protect the interests of creditors, debtors, and other stakeholders. The Insolvency and Bankruptcy Code (IBC), 2016, was enacted in India to consolidate and amend laws relating to insolvency and bankruptcy, providing a unified framework for timely and efficient resolution of financial distress. Prior to the IBC, insolvency proceedings were scattered across multiple legislations, often resulting in delays, inefficiency, and loss of value for creditors. The IBC streamlined the process, introducing time-bound procedures, promoting creditor rights, and improving ease of doing business. To support its effective implementation, the Code established an institutional ______ ____ ___ __________ _____ ______ ______.
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