Giving teeth to bankruptcy code

By adopting a few steps many companies that have no alternative but to go to the NCLT to keep themselves from closing down can be saved

I have no doubt that like me most people connected to the world of commerce and business believe that the introduction of the Insolvency and Bankruptcy Code (IBC) in 2016 remains one of the most important and transformational reforms for corporate India.

In one fell swoop it has changed forever the way promoters can look at their businesses. It is common knowledge that prior to the implementation of the IBC there was a general belief that the bigger the default by a promoter, the more secure was his hold over the company (too big to fail syndrome). Today, every promoter