GROUP INSOLVENCY FRAMEWORK UNDER THE IBC, 2016: NAVIGATING THE LEGAL CHALLENGES OF INTERCONNECTED CORPORATE ENTITIES IN INDIA

Abstract

The Insolvency and Bankruptcy Code, 2016 was drafted on an entity-by-entity template, treating each corporate debtor as a sealed legal person even where its finances and management are inseparable from a wider corporate group. For nearly a decade, Indian tribunals improvised around this gap through procedural coordination and, occasionally, contested attempts at substantive consolidation, producing an uneven jurisprudence typified by the Videocon, Lavasa, and IL&FS proceedings.