Bankruptcy Code being gamed from the start?

The Act allows for the creation of a massive bureaucracy and multiple levels of professionals who will all need certification

Almost everybody believes that the problems of bad debt-laden public sector banks can be fixed with the new Insolvency and Bankruptcy Code (IBC). Well, they might like to know that the IBC is already off to a rocky start. The Act, stylishly called the Code, allows for the creation of a massive bureaucracy and multiple levels of professionals who will all need certification (more bureaucracy and costs in an already high-cost economy). This bureaucratic superstructure is all very wonderful in an ideal world. When the Act was formulated, a friend of mine pointed out to me, cynically, that Indians have