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Government Policy and Legal Framework on Corporate Sickness
Dr. S. Pardhsaradhi,  Mrs.P. Anitha,  Mrs.V.C. Sreevidya
The Government Policy and legal framework of corporate sickness is vital for the corporate turnaround and free exit. The Political intent is manifested in the form of policy framework which in turn enables to structure a legal framework. The corporate sickness was not addressed adequately with policy and legal framework until Insolvency and Bankruptcy Code, 2016 addressed the issue focusing on maximization of value of assets. SICA failed due to lack compatibility between policy and legal framework. Market economy dynamics recommended by Dr. Omkar Goswami or Justice Erradi Balakrishna were not implemented adequately except in RDDBFI and SARFAESI but not in SICA. This necessitated the setting of BLRC, which suggested path breaking economic legislation, IBC with four pillars viz., Insolvency and Bankruptcy Board of India, Information Utilities, Insolvency Professionals and Adjudicating Authorities. The judiciary is separated from regulations. Several reforms and behavioral dimensions to the Code enabled for consensus among stakeholders in creditors driven mechanism.
Keywords- Government Policy , Corporate Sickness , legal framework of corporate sickness, IBC
Unique Identification Number - IJEDR2003035Page Number(s) - 217-224Pubished in - Volume 8 | Issue 3 | August 2020DOI (Digital Object Identifier) -    Publisher - IJEDR (ISSN - 2321-9939)
Cite this Article
Dr. S. Pardhsaradhi,  Mrs.P. Anitha,  Mrs.V.C. Sreevidya,   "Government Policy and Legal Framework on Corporate Sickness"
, International Journal of Engineering Development and Research (IJEDR), ISSN:2321-9939, Volume.8, Issue 3, pp.217-224, August 2020, Available at :http://www.ijedr.org/papers/IJEDR2003035.pdf