Letter to BS: Mediation may help iron out glitches in insolvency process

Mediation as a tool for exploring mutually beneficial solutions is a low-cost option that also saves precious time for both the parties

This refers to the "Amendments in IBC to provide for mediation" (April 22). The government's move to amend the Insolvency and Bankruptcy Code (IBC) by making provisions for mediation and prepackaged resolution is of immense importance that may help iron out the glitches in insolvency proceedings experienced over the past few years. In many cases, these proceedings could not be completed within the stipulated time frame due to multiplicity of litigations. This has restricted the IBC in fully achieving its intended objectives.

Mediation as a tool for exploring mutually beneficial solutions is a low-cost option that also saves precious time