These are the concluding lines from the Supreme Court’s January 2019 judgment in Swiss Ribbons v. Union of India upholding the constitutionality of the Insolvency and Bankruptcy Code, 2016 (IBC). In this judgment, the Court noted that India’s ambitious experiment with insolvency law reform in the form of the IBC was turning out to be “largely successful”, citing the number of cases that had been resolved and pointing out that the flow of credit from banks as well as other financial institutions to the commercial sector had increased exponentially since the enactment of the new law.
Despite the law’s requirement that a case must be admitted within 14 days of its filing, this process usually takes at least six months and, in…