A resounding nod

Supreme Court endorses the Insolvency and Bankruptcy Code

On Friday, a two-judge Bench of the Supreme Court cleared the path for the untrammelled functioning of the Insolvency and Bankruptcy Code (IBC). The IBC was enacted in 2016, replacing a host of laws, with the aim to streamline and speed up the resolution process of failed businesses. In particular, the IBC was supposed to provide a quick and efficient way to recover the most value from the assets that turn into bad debts for creditors. The inability of the Indian economy to wrap up a failed enterprise or indeed recover value from such insolvent businesses had been a glaring