The Bankruptcy Law Reforms Committee, which proposed the IBC, noted that the most important objective in designing a legal framework for dealing with firm failure is the need for speed.
By Bibek Debroy & Aditya Sinha,
A few days ago, a woman in Bhopal moved a court because her father allegedly cheated in a Ludo game. The court asked them to resolve the family matter amicably. This may be unusual. But a lot of civil litigation can be resolved through mediation and conciliation, without approaching the court. The end-result, after going through adjudication and incurring costs, is no different from what an amicable solution would have found.
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Read the full article at: https://www.financialexpress.com/opinion/a-case-for-pre-packs-insolvency-resolution-in-india-could-benefit-from-pre-packs/2153863/