Promulgation of the Insolvency and Bankruptcy Code, 2016 (IBC) brought much cheer to the entire Indian credit ecosystem, lending long-evasive certainty to the insolvency regime and instilling credit discipline, each indispensable for attracting investment.
The legislature and judiciary also took agile steps to continually improve the insolvency process. Overall, the experiment and experience does hold promise. Even though some problems persist in the process, none are irreconcilable. Even the most ardent IBC critics cannot deny its efficacy compared to the earlier regime.
Please click here to read the full article by Soumitra Majumdar and Utkarsh Bandhu, published in Law Asia.
Soumitra specializes in Banking & Finance. He works closely with Indian and multinational banks, development financial institutions, commodity finance houses, non banking finance companies as well as corporates, for structuring, due diligence, documentation and negotiations.