What is the difference between bankruptcy and insolvency?
Bankruptcy is the term for when an individual is declared bankrupt by the Court because they are insolvent. People go bankrupt for two reasons; one is if their assets are less than their liabilities (so they owe more than they own) the second is where they are unable to pay their debts when they fall due.
The Insolvency and Bankruptcy Code, 2016 (IBC) is the bankruptcy law of India which seeks to consolidate the existing framework by creating a single law for insolvency and bankruptcy
To read the IBC, 2016 click the link
