Insolvency proceedings in slow motion

Processes like pre-packaged insolvency resolution and mediation and conciliation, which are not adjudication-intensive, may be encouraged

A corporate insolvency resolution process is like an orchestra with broadly two sets of actors. The first set, comprising the Adjudicating Authority (AA), Insolvency and Bankruptcy Board of India, information utilities, and insolvency professionals, provides oversight and facilitation of the process. The second set, comprising the company and its management, creditors, committee of creditors, and resolution applicants, takes commercial decisions. The Insolvency and Bankruptcy Code, 2016, defines the roles of these actors and stipulates timelines for each of the tasks in the process. The USP of the Code is insolvency resolution “in a time bound manner”. Any deviation from the