1. The Act is destined to to consolidate and amend the laws relating to reorganisation and insolvency resolution
2. The Act is covering the Insolvency and Bankruptcy of
Corporate persons
Partnership firms
Individuals
3. The Act is intended to complete the insolvency resolution in a time bound manner
For maximization of value of assets of such persons
To promote entrepreneurship
To ensure the availability of credit and
Balance the interests of all the stakeholders including alteration in the order of priority of payment of Government dues
4. To establish an Insolvency and Bankruptcy Board of India, and for matters connected therewith or incidental thereto.
