The Supreme Court’s recent judgment in the matter of Kalyani Transco v. Bhushan Power & Steel Ltd has generated substantial interest and curiosity among stakeholders, prompting speculation regarding the future of the Insolvency and Bankruptcy Code, 2016 (IBC/Code). Although the Code is still in the process of evolution, its functioning occasionally exhibits both excitement and disappointment, while simultaneously captivating the attention of stakeholders.
For a thorough examination, we must revisit the fundamental principles, particularly the objectives delineated in the preamble of the Code. These objectives encompass, among others, time-bound resolution, value maximisation, entrepreneurship promotion and credit…
