Former Union law secretary T K Viswanathan, key architect of the just-enacted Insolvency & Bankruptcy Code and chairman of the Bankruptcy Law Reforms Committee, shares his views on the future of the legislation in an interview 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 des…
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