Here's why Insolvency and Bankruptcy Code is a policy masterstroke

From 161 resolved cases, the realisable amount stands at over Rs 1.6 trn

The Hyderabad bench of the National Company Law Tribunal (NCLT), approved in a record seven months, in August 2017, an insolvency resolution plan for Synergies Dooray Automotive Limited, by allowing its  merger with Visakhapatnam-based aluminium alloy wheel maker, Synergies Castings Limited, making it the first successful resolution under the Insolvency and Bankruptcy Code (IBC), which has since grown from strength to strength.

The Union cabinet on December 24 cleared an ordinance to amend the IBC that would ring-fence successful bidders from criminal proceedings against offences committed by previous promoters. The move will help in the rescue of bankrupt Bhushan Power and