Welcome support for the new bankruptcy law
A recent Supreme Court ruling should hopefully minimize the legal tangles that could emerge in the initial years of transition
The Supreme Court has delivered a powerful statement in support of the new bankruptcy law. It has instructed all lower courts to take into account the fact that the Insolvency and Bankruptcy Code, 2016 constitutes a paradigm shift. The judgement has come at a time when the Indian central bank has goaded lenders to move against large loan defaulters.