Financial ExpressMar 31Mockery of process The absurd drama over the Reliance Capital insolvency process is the latest example of how bidders are making a mockery of what was once showcased as a shining example of reforms in India’s financial sector. That the Insolvency and Bankruptcy Code (IBC) isn’t working to the extent desired was best articulated by veteran banker Uday Kotak when he cited the experiences in the Srei and RCap resolutions to drive home his point that we need an overhaul not merely for insolvencies in the financial sector but for all cases. The law needs to be made watertight and less susceptible to interpretation. A second auction for RCap’s assets is on the cards after more than 500 days of the resolution process having kicked in.Read More At Financial Express
The absurd drama over the Reliance Capital insolvency process is the latest example of how bidders are making a mockery of what was once showcased as a shining example of reforms in India’s financial sector. That the Insolvency and Bankruptcy Code (IBC) isn’t working to the extent desired was best articulated by veteran banker Uday Kotak when he cited the experiences in the Srei and RCap resolutions to drive home his point that we need an overhaul not merely for insolvencies in the financial sector but for all cases. The law needs to be made watertight and less susceptible to interpretation. A second auction for RCap’s assets is on the cards after more than 500 days of the resolution process having kicked in.Read More At Financial Express
