The pressing need to recode the IBC9 min read . Updated: 22 Nov 2019, 10:22 AM IST
- Despite repeated changes, IBC has failed to live up to expectations. What should IBC 2.0 look like?
- The govt is taking steps to improve the efficacy of IBC by increasing the number of NCLT benches and insolvency professionals, and running awareness campaigns
MUMBAI : There was a palpable sense of relief across corporate India when the Supreme Court gave its stamp of approval to ArcerlorMittal’s takeover of the troubled Essar Steel under the debt resolution process of the Insolvency and Bankruptcy Code (IBC). In a big victory for the three-year-old legislation, the court upheld the principle of financial creditors having primacy over unsecured and operational creditors.
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