Image used for representative purpose only.
| Photo Credit: Getty Images/iStockphoto
The outline of India’s Insolvency and Bankruptcy Code (IBC) has long been demarcated by an innate stiffness between the inevitability to preserve distraught companies and the necessity to safeguard the interests of creditors. This contradiction is often cited as the ‘Chakravyuha Challenge’— a structural paradox by which the economy eases a company’s entry into the system but forms formidable formal fences when it wishes to exit.
From the Sick Industrial Companies Act, which demonstrated a debtor-in-possession model and had been plagued by…