How conflicts of interests among stakeholders challenge IBC's effectiveness

Six blind men are in a room with an elephant. Each touches the animal and tries to discern its shape, size, age, and other aspects of its nature. But, being handicapped, they can only observe what is in reach which is why there is a need for an independent evaluation of the beast. 

At the heart of the Insolvency and Bankruptcy Code (IBC) of 2016 is the institution of the Resolution Professional (RP). The RP acts as the “eyes and ears” for the six blind men, providing them with an independent “right” perspective.

Experts told Business Standard that there are