Bankruptcy Code: First set up ecosystem for IBC, says SBI's Bhattacharya

Availability of data, track records of lenders and selection of panel of judges are part of IBC

The requisite ecosystem for implementation of Insolvency and Bankruptcy Code, 2016 (IBC) — touted as the second-biggest financial reform by the Centre after GST —  needs to be first set up in the country. Without it, banks may not utilise the Code, aimed to lower stress on the banking structure, SBI Chairman Arundhati Bhattacharya said.

Creation of the ecosystem involves creation of an information bank of the borrowers with the lenders, the performance track record of the borrowers as well as selection of judges to man the Debt Recovery Tribunal (DRT) and National Company Law Tribunal (NCLT).

"With the law (IBC), you need