Former Union law secretary T K Viswanathan was the key architect of the just-enacted Insolvency and Bankruptcy Code, as chairman of the Bankruptcy Law Reforms Committee which produced the report in this regard. An interaction on it with Sudipto Dey. Edited excerpts:
Now that Parliament has cleared the Code, by when do you expect the new bankruptcy regime?
It can start functioning within a month. It is so structured that it need not wait for the entire infrastructure and eco-systems envisaged in the Code to be in place on day one. Section 241 (revised as 244 in the Code) provides for transitional arrangements, that until the Insolvency and Bankruptcy Board is constituted or a financial sector regulator is desig…
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