IBC 2016: Time to reboot the Code

Experts, including stakeholders such as bankers, lawyers, investors and promoters, feel the time is right for the Code to incorporate the lessons learnt in its year-long journey

Barely a year since it became effective, the Insolvency and Bankruptcy Code 2016 is up for a fresh look. A government-appointed Insolvency Law Committee has been tasked with suggesting legislative changes in the Code to iron out operational challenges and make its implementation more effective. The move comes at a time when the ‘Big 12’ corporate debtors are entering the crucial final phase of insolvency resolution. Over 350-odd cases are currently going through the resolution process. On an average 35 cases a month — that is at least one each day — have been admitted by the National Company Law