Urgency to fix India’s bankruptcy code
- Given the avalanche of defaults expected, the IBC needs to be made battle-ready to deliver quick resolutions
- The problems include frivolous claims, most often by promoters, getting an insolvency petition admitted, the role of resolution professionals, and the buyer often losing interest
MUMBAI : On the face of it, an abandoned half-constructed hospital that Mumbai’s municipal corporation successfully resuscitated overnight to treat hundreds of critical covid-19 patients is a great feel-good story for 2020. But the success of Seven Hills Hospital in Marol, a suburb in Andheri, has some of the city’s largest financial institutions nervous.