Can Project Sashakt take off in time to prevent NPAs from moving to IBC?

The government may still need the RBI to relax its norms for bad loans for the new initiative to take off

Till recently, the Insolvency and Bankruptcy Code (IBC) was projected by the government as a silver bullet for resolving the bad loans that have been plaguing the banking system. But that seems to have changed, with Finance Minister Piyush Goyal announcing an alternative mechanism for resolving bad loans. Will this new plan — Project Sashakt —actually take off in time to prevent these toxic loans from moving to resolution under the IBC? 

In principle, the IBC process provides a transparent system of resolving bad loans. The code did away with any role for government in the  process. It instead introduced