This alleged attempt to influence a judicial decision underscores a growing trend: the erosion of the IBC’s initial promise of fairness and efficiency. Instead of a streamlined process focused on maximizing asset recovery for creditors, the NCLT and NCLAT are increasingly becoming battlegrounds where powerful vested interests exert undue pressure, often subverting the very principles the Code was designed to uphold. The sanctity of the resolution process is now under serious threat, and the delicate balance of power between debtors and creditors is being disrupted by the subtle but pervasive influence of those who hold sway over the system
Forover three decades, I have chronicled the rise and fall of Indian corporates, with a…