How solvent is India's new insolvency law?

Lenders will have to wait longer for bad loan resolution unless the loopholes are plugged

In August 2016, the chief executive officer (CEO) of a large bank celebrated the arrival of the Insolvency and Bankruptcy Code (IBC), the new bankruptcy law of India. The jubilant boss of the bank, laden with a mound of bad assets, asked one of his colleagues how many days it would take to settle a bad loan under the new law. The banker’s response was 1,800 days, 10 times the law actually stipulated! Needless to say that this cynicism was not appreciated.
 
By now, looking at the progress of the single-window insolvency and bankruptcy resolution process which is expected