Let New Paths Speed Up Insolvency Resolution

Proposed IBC amendments that include a provision for out-of-court procedures could solve its problem of delays. Crucially, a new path could reduce the role of resolution professionals

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It is welcome that the government has brought in a bill to amend the Insolvency and Bankruptcy Code (IBC) of 2016. It is equally welcome that the bill in Parliament has been referred right away to a select committee. Legislation of this kind calls for careful deliberation, an opportunity for stakeholders to present their views to lawmakers and for the latter to arrive at a balanced view of the statutory proposals.