When the bankruptcy code was brought in five years ago, there was much hope, not only in India but in the entire global business community. No wonder the very next year, Indias ranking in the Ease of Doing Business shot up from 108 to 52. However, after five years, except for a few big-ticket hits, we have little to show in terms of the code having helped its avowed objectives – to revive companies, recover public money and protect jobs.
Bankers have so far taken a haircut of 60 per cent in total in all the cases that have been resolved through the Insolvency and Bankruptcy Code (IBC) as of March 31, 2021. This is about the same as it was before the code came into force. So far 1,277 of the total 4,376 companies undergoing insolvency pr…
Read the full article at: https://www.freepressjournal.in/analysis/the-insolvency-and-bankruptcy-code-has-scored-a-few-hits-and-many-misses-thus-far-writes-p-n-vijay
