Insolvency and Bankruptcy Code left far too much room for interpretation

Given how high the stakes are for promoters for whom their companies are their only identity and for bidders who are hoping to take a competitor out, litigation should have been expected

To understand how protracted recovering money through sale of assets has become for banks, read some of the newspaper headlines relating to the insolvency cases in the last few days: “Electrosteel: NCLT asks Tata Steel, Vedanta, IRP to file counter-plea”: Business Standard (March 9); “L&T moves NCLT to be declared secured creditor in Bhushan Steel Insolvency”: Mint (March 9); “Essar Steel: Lenders defer meet due to indecision on eligibility of bids”: Moneycontrol (March 5); “BDO takes IRPs of Bhushan Power, Jyoti Structures to court”: The Economic Times (March 4).
 
The question to then ask is, will anything get done?