Should there be different IBC resolution mechanisms for different sectors?

Harmonise special regulations for each sector with the IBC, instead of creating carve-outs, say experts

Should there be different insolvency resolution mechanisms for different sectors? This question has been asked on several fora, including the Supreme Court, in light of a Reserve Bank of India (RBI) circular issued February 12 last year. 

The circular provided a ‘harmonised and simplified generic framework for the resolution of stressed assets’, including for large accounts where banks had debt exposures of more than Rs 2,000 crore. The implementation of resolution plans in the case of large accounts was to be within 180 days of the date of the default, failing which insolvency applications could be filed. 

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