The government is gearing up to launch an integrated platform that aims to transform the insolvency ecosystem in India by expediting resolution processes. The platform will involve all key stakeholders, thereby addressing long-standing concerns about delays in handling stressed assets since the implementation of the Insolvency and Bankruptcy Code (IBC) in 2016.
Anita Shah Akella, Joint Secretary at the Ministry of Corporate Affairs, clarified at a recent conference in New Delhi that the IBC is fundamentally a rescue mechanism and not merely a tool for financial recovery. She reiterated that efforts are ongoing to refine these resolutions with the development of the new platform.
The proposed system will adopt a federated…
