15 Pages Posted: 13 Oct 2020
Date Written: October 8, 2020
An important aspect of business is the possibility of insolvency. India’s new insolvency law, the Insolvency and Bankruptcy Code, 2016 (IBC) has attempted to streamline insolvencies and facilitate restructuring; although there are particular issues for airline insolvencies. The issue of cross-border insolvencies further remains unaddressed in the IBC and is particularly relevant to airlines. This chapter aims to outline international best practices in corporate insolvency and also India’s approach; with a specific focus on the civil aviation sector.
This chapter is divided into five parts. The first part is the introduction. The second part gives an overview of the goals of corporate insolvency and the legislative framework in India. Part III explores specific solutions for insolvencies of companies in the civil aviation sector internationally. Part IV details airline insolvencies in India and Part V concludes with some thoughts about the future legislative reform and development in India.
Keywords: Airline insolvency, cross-border insolvency, India, IBC, COVID-19
JEL Classification: K2
Suggested Citation: Suggested Citation