Fuelled by a huge unsatiated appetite for freedom of exit, the insolvency law is changing the way the society perceives business failures as it becomes a reform by, for and of the stakeholders, according to IBBI Chairperson M S Sahoo.
Little over five years after its enactment, the Insolvency and Bankruptcy Code (IBC), which provides a time-bound and market-linked framework for resolution of stressed assets, has passed the constitutional muster.
In Sahoo’s words, with every judgement of the Supreme Court, the Code has developed deeper and stronger roots, and probably boasts of the largest body of case laws.
In value terms, the Code has rescued 70 per cent of distressed assets through insolvency resolution plans and has released …
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