Bankruptcy ordinance: Motivated criticisms?

The lack of strong promoter bids may dilute the competitive process between the remaining resolution applicants and so, lower the recovery for lenders

I have never been a fan of the new bankruptcy law, stylishly called the Insolvency and Bankruptcy Code (IBC). The reason is that it does not incorporate the most simple and elegant solution to a bankruptcy process, that is, a vibrant market for tradable, distressed securities, which I personally saw functioning very well two decades ago in New York. Such a market could have established the value of distressed assets much better, on a continuous basis, attracted larger global players with deep pockets, created a new merit-driven ecosystem, and set in motion a much faster distressed assets clearing cycle, at