“Assessing the Triadic Impact: A Comprehensive Empirical Analysis of the Companies Act 2013, Insolvency and Bankruptcy Code 2016, and Goods and Services Tax 2017 on Corporate Governance and Performance in India”

Abstract

Present“study provides an exhaustive empirical analysis of the impact of the Companies Act 2013, Insolvency and Bankruptcy Code 2016, and Goods and Services Tax 2017 on corporate governance and performance in India. Delving into the evolution of insolvency laws in India, the study explores the significant overhaul brought by the Insolvency and Bankruptcy Code (IBC) 2016. This reform aimed to streamline insolvency and bankruptcy proceedings, thereby enhancing corporate governance and efficiency. Using time series and cross-sectional data, the analysis focuses on case studies under the IBC, evaluating recovery rates and their influence on non-performing assets (NPAs) in the banking sector. The study also assesses the reshaped legal and institutional frameworks, including the establishment of the Insolvency and Bankruptcy Board of India (IBBI) and” adjudication mechanisms. Findings indicate improvements in recovery rates and a reduction in NPAs, yet challenges like extended resolution timelines and regional enforcement disparities persist. The paper offers recommendations for enhancing insolvency resolution efficiency, emphasizing the need for quicker adjudication, improved cross-border insolvency laws, and the adoption of digital platforms for resolutions. This study contributes to the ongoing discourse on the effectiveness of the IBC 2016, underscoring its role in India's economic reforms and legal landscape evolution.