The success of the Insolvency and Bankruptcy Code became evident when Tata Steel in May took over Bhushan Steel. Things have turned smoother under the insolvency and bankruptcy code of 2016, that rebalanced the rights of promoters, banks, vendors and employees. Experts say the new ecosystem of bankruptcy code and tribunals across the country is a resounding success in turning around companies through various means, including changing management or ownership. “The Insolvency and Bankruptcy Code (IBC) has defied India’s poor track record in implementation of laws. Green shoots can already be seen as a result of the persistent effort by all stakeholders to make the code a success.

Source: Mint May 26, 2018 09:45 UTC