3 min read.Updated: 31 Aug 2021, 06:16 AM ISTAbhishek Tripathi
Real estate remains the second biggest sector in which IBC petitions were filed
The Insolvency and Bankruptcy Code (IBC) was enacted to ensure a cultural transformation in the insolvency and bankruptcy landscape. It established a new architecture for insolvency resolution and liquidation. Strict timelines were introduced and a code for judicial restraint was built into the law at every step of the process. It also established the Insolvency and Bankruptcy Board of India (IBBI) as an independent regulator. There was a belief that the IBC would revolutionize the insolvency and bankruptcy regime in India; after completing five years, the jury is still out on whether IBC did succeed in achieving its objectives.