What were the reasons that prompted enactment of Insolvency & Bankruptcy Code, 2016? How does Corporate Insolvency Resolution Process differ with revival plans under repealed SICA or liquidation under Company Law?

There was multiplicity of laws and enactments like Sick Industrial Companies (Special Provisions) Act, 1986, Recovery of Debts Due to Banks and Financial Institutions Act, 1993 (since renamed as 'Recovery of Debt and Bankruptcy Act as per section 249 of Insolvency and Bankruptcy Code, 2016), Securitisation and Reconstruction of Financial Assets and Enforcement of Security interest Act, 2002 and Companies Act, 2013 in cases of companies or corporate persons and for individuals and partnership firms there were Presidency Towns Insolvency Act, 1909 (applicable to presidency towns - Bombay, Calcutta and Madras) and Provincial Insolvency Act, 1920 (rest of India). Plethora of legislations and enactments imposed pressure on Courts, Tribunals and other adjudicating authorities such as BFIR, AAFIR. There were no timelines to dispose of litigations resulting in mountainous pendency, if even time limit was fixed, they were twisted to further complicate legislations. Moreover, there is a conspicuous departure from the earlier SICA, State Relief Undertaking enactments, liquidations under Company Law that were Debtor oriented whereas IBC Code provides Creditor oriented management during insolvency process. Under the Code, Board of Directors is suspended from the date of admission of petition till Liquidation and Resolution Professional does day-to-day management subjected to Committee of Creditors.