IBC AS A MAJOR ECONOMIC REFORMS FOR UZBEKISTAN

The Insolvency and Bankruptcy Code (IBC) is considered as the major structural legal reform in the world. It is making a robust economy by reducing the amount of Non-Performing Assets and improving Ease of Doing Business (EoDB) ranking. It has attracted investors from abroad because they now seek each developing nation as a legible place for investment owing to the reasons as, smaller timeframe for resolution reduces risk of losing investment and flexible exit policy, even when company becomes insolvent the IBC gears towards maximum realisation of value of assets. It has given a new identity to the developing economy on the International platform. It seeks to create a single unified law for insolvency and bankruptcy. This research empirically studies IBC as an important tool in the growth of the developing economy and analyses the impact of re-engineering/ restructuring under IBC on the Central Asian economy. This empirical research study is exploratory in nature, focuses on the aspects of the practical implementation of the Insolvency and Bankruptcy Code in developed nations. The timelines have been drastically changed to tackle the delay in settlement of cases under the said economic reforms; however its practical impact is matter of assessment and therefore the need for present research. Four years since passing of this legislation in India, this article seeks to analyze the effectiveness of India in comparison with its counterparts. This Article has drawn a comparison of insolvency and bankruptcy legal procedures in India from other countries such as US, UK, Germany, Singapore, Australia and paves a way towards the Central Asian developing economies.