Almost all countries now enjoy internet access, and there are approximately more than twenty million internet hosts worldwide. The number of netizens is also increasing day by day. In the modern era of electronic technology, people want to get their work done quickly with little effort. At times, people forget or ignore the legal and ethical values of their actions. Consequently, cyber wrongs in different forms are increasing day by day: cracking/hacking, e-mail spoofing, spamming/Denial of Services (DOS attacks), carding (making false ATM Debit and Credit cards), cheating and fraud, assault by threat, impersonation, intellectual property rights (IPR) infringements (software piracy, infringement of copyright, trademark, patents, domain names, designs and service mark violation, theft of computer source code, etc.), online gambling and other financial crimes including the use of networking sites and phone networking to attack the victim by sending bogus mails or messages through internet, forgery, URL hijacking or squatting (using the domain name of another person in bad faith), cyber vandalism (destroying or damaging the data when a network service is stopped or disrupted), virus transmission, internet time thefts, pornography, cyber terrorism etc-the list is endless. In traditional and online trading environments, consumers are entitled to have their privacy respected. While shopping on the internet; most people typically do not think about what is happening in the background. Customer information has to pass through several hands; and the safety and security of a customer's personal information lies within the hands of the business. Therefore, security and privacy of the information are a major concern. E-commerce has a tremendous impact on copyright and other intellectual property rights (IPRs). The issues related to copyrights on digital content also lie unaddressed. From one perspective, the internet has been described as "the world's biggest copy machine." Generally, a trade mark can be owned by an individual, a company, or any sort of legal entity. When someone else tries to use that trademark without authorization, it could be considered an illegal dilution of the distinctive trademark. If someone uses a trademark in such a way as to dilute the distinctive quality of the mark or trade on the owner's reputation, the trademark owner may seek damages. In the cyberspace, domain name infringements are rampant. Many jurisdictions encourage the adoption of electronic commerce by enacting statutes that enable contractual dealings to be conducted electronically, and also allows people to use an electronic signature to satisfy any legal requirement. Even the electronic transfer of land is covered under certain statutes as in the case of the Indian Information Technology Act, 2000. However, in the era of globalization; and in the absence of any geographical boundaries for the cyberspace, such new legislations also raise some questions: for how long will these statutes be valid? What are the boundaries of these statutes? Who should be forced to follow them? Most of these questions are unanswerable today. The exponential growth of the internet and online activity raise a number of legal questions. How does copyright apply to digital content? How can national laws apply to cyber wrongs in cyberspace? Can privacy and data protection exist on the cyber space? Can electronic commerce really be secure? Can cyberspace be regulated by one, or by many authorities? In seeking to apply the law to the Internet, problems arise owing to the fact that most laws largely apply to the pre-cyber space world. The power of the Web to reach the world carries with it a variety of legal issues, often related to intellectual property concerns, privacy, decency, etc. Authorities seeking to apply their laws in traditional ways or to expand legal control over international links face many challenges due to the global nature of the Internet. Therefore, there is an urgent need for a comprehensive policy and an effective legal frame work to regulate cyber crimes. The present study primarily intends to address the pitfalls in the present legal system and to evolve a strategy to regulate cyber crimes in India. 1909 and the Provincial Insolvency Act, 1920 apply. So far as ‘corporate’ insolvency and bankruptcy is concerned, the Companies Act, 2013 along with the Sick Industrial Companies Act, 1985 dealt with the restructuring of distressed “industrial firms.” If the loan is backed by security, the Recovery of Debts due to Banks and Financial Institutions Act, 1993 bestows the financial institutions power to recover the same by disposing of the collaterals. The Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (SARFAESI) enables the secured creditors to take possession of the collaterals without judicial involvement. The average time taken in the U.S. to complete insolvency proceedings is 1.5 years; where as in India it is 4.3 years. In 2016, the Insolvency and Bankruptcy Code was enacted. It proposes a paradigm shift from the existing regime of ‘Debtor-in-Possession’ to ‘Creditor-inControl.’ However, there isn’t any significant evidence that confirms that, stowing entire faith in creditors will accelerate the recovery process. Realizing the flaws, the government has set up a committee to review the implementation of the code.
