The coming months will show us the early trends in actual resolutions under the Insolvency and Bankruptcy Code (IBC). Photo: Pradeep Gaur/MintEven as the Insolvency and Bankruptcy Code (IBC) was completing its first year of existence, the cat was set among the pigeons with the promulgation of an ordinance restricting the promoters’ ability to bid for their stressed assets. A critique of the code, anticipating the direction of its evolution from the present stage, is, therefore, called for. “Capitalism without Bankruptcy is like Catholicism without Hell,” said Frank Borman, renowned astronaut and erstwhile chairman of a failed US airline. Ashwini Mehra is former managing director of State Bank of India.

Source: Mint January 07, 2018 19:41 UTC