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The Interaction between India’s current insolvency code and income tax law

The Interaction between India’s current insolvency code and income tax law

After adopting the Insolvency and Bankruptcy Code, 2016 (IBC), India overhauled the insolvency and bankruptcy law. The IBC is a landmark statute and a transformation through India’s insolvency regime. The IBC insolvency settlement provides for the submission of potential creditor payments for the recovery of an unpaid debtor. These mitigation strategies include the restructuring of the distressed business debtor. With respect to the allocation of proceeds resulting from the business debtor’s resolution, the IBC stipulates a strong priority in that…

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