Insolvency Landscape – The Tides and Currents of the Journey and the Horizon

Over the past five years, the Insolvency and Bankruptcy Code, 2016 (Code), the Insolvency and Bankruptcy Board of India (IBBI), the Adjudicating Authorities (the NCLT) and the Appellate Authority (the NCLAT) for the matters under the Code have had an eventful journey, including that of handling COVID-19 pandemic induced disruptions. Starting from the implementation of the Code, setting up of new organization and complete infrastructure to handle insolvency activities, the Indian regulatory environment for insolvency and bankruptcy of corporates, to start with, has witnessed a remarkable transition from an archaic resolution and liquidation process to a modern one attempting and facilitating faster resolution of distressed companies and assets.

The Government has taken up the Insolvency and Bankruptcy Code amendment amid calls from MSMEs to take up the cause. According to reports, the IBC is likely to see a strengthening, where measures to speed up solving of cases will be taken along with a cross-border insolvency framework. This comes as the micro, small and medium enterprises in India have been facing issues for over five years now.

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