Promoters need to give up, be more flexible in their approach: Viswanathan

Former Union law secretary,T K Viswanathan says society will benefit if an enterprise runs in a healthy manner, who ever be the promoter does not matter

T K Viswanathan, former Union law secretary, has been a key architect of the Insolvency and Bankruptcy Code as chairman of the Bankruptcy Law Reforms Committee and member of the Insolvency Law Committee that recently reviewed its implementation. In an interaction with Sudipto Dey, he shared his take on some of the implementation challenges facing the Code. Edited excerpts:

On the need for review of the Code:

The IBC is the result of a lot of discussions and deliberations with stakeholders, and based on global practices. We succeeded in enacting a law and getting it implemented in a record time. However, the