Introduction
India’s insolvency framework has, since the enactment of the Insolvency and Bankruptcy Code in 2016, been a work in continuous progress. A decade of implementation has revealed structural gaps that courts, practitioners, and the Insolvency and Bankruptcy Board of India have long flagged for legislative intervention.
Those structural gaps include:
- Delays in adjudication
- Ambiguity around group company proceedings
- Limited pathways for smaller distressed entities
- A liquidation process that too often resulted in destruction rather than preservation of value
The pressure for reform has been compounded by the growing complexity of cross-border insolvencies and an urgent national interest in completing thousands of stalled real…