A fair chance

Promoters shouldn't be allowed to game insolvency process

As the Indian financial sector faces a serious problem with bad debt, a ray of hope on the horizon is the modern insolvency process. The mechanism is closely supervised and time-bound, and the first test cases are winding their way through it at the moment. It is generally hoped that the new law will permit speedy and efficient resolution of many such cases and that, in appropriate ones, assets will be revived under new management. The assumption is that this will help clean up the private sector in a sense with weak promoters, owners and managers being replaced by new