Insolvency and Bankruptcy Code 2016 (IBC), in a span of four years, has turned out to be the proverbial giant in the annals of Indian corporate law. The legislation catapulted India from a lowly 142 in 2014 to 63 in 2019 in World Banks Doing Business rankings. Though not a recovery mechanism, IBC resulted in mean recoveries of 44% for financial creditors in comparison to 24% from Debt Recovery Tribunals (DRT), SARFAESI Act and Lok Adalat combined, for financial years 2018-2020.
Jurisprudence of any legislation takes time to evolve and IBC was no exception; interpretation of contentious clauses for corporate insolvency is now settled.
Covid-19 disrupted IBCs stellar run as filings were suspended effective 25th March 2020. One area that requ…
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