Giving the largest creditor untramelled rights is neither in line with the IBC nor should it be the legislative intent. (Image: Reuters)Abir Roy
The Insolvency and Bankruptcy Code (IBC) has been dubbed a game-changer in corporate circles, and the intent of the legislationto see whether corporate debtors can be put back on their feet within a stipulated time frame to stave off liquidationis laudable. Thus, time is of essence under the scheme of the Code; however, there have been some practical interpretational issues which have come up. These must be properly addressed to ensure that interests of all the stakeholders in the process, i.e., the creditors, corporate debtors and other stakeholders, are taken care of. Under the…
Read the full article at: http://www.financialexpress.com/opinion/insolvency-and-bankruptcy-code-a-game-changer-but-here-is-what-needs-to-be-taken-care-of/879685/
