Don’t expect much from insolvency code tweaks

The vexed phenome non of sickness, bankruptcy and recovery of industrial units has dogged the government and regulators for over 40 years now. India’s promulgation of the Insolvency and Bankruptcy Code (IBC) in 2016 was meant as a magic bullet for a sustainable, legally-sound, democratic and utilitarian solution to a persistent problem that had defied resolution. The Code was hailed as an example of the Centre’s resolve to craft meaningful policy and untangle knotty problems that had eluded us for long.

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