The Insolvency and Bankruptcy Code (IBC) has transformed the insolvency resolution regime in several fundamental ways, says M.S. Sahoo, former distinguished Professor, National Law University Delhi, and founder chairperson of the Insolvency and Bankruptcy Board of India (IBBI). In an interview to Business Today, he says the IBC has firmly established the primacy of market mechanisms in resolving business stress. It has also ushered in a new era of professionalism in insolvency resolution. Third, it has catalysed the emergence of a robust, though still maturing, market for distressed assets. Edited excerpts:
Recent court rulings, particularly the one on Bhushan Power and Steel Ltd (BPSL), have raised concerns over the efficacy…