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IBC resolution: Towards the inevitable

The successful implementation of the IBC depended on a much bigger involvement of the state through a huge new superstructure of registration, certification and supervision

IBC resolution: Towards the inevitable
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The new regime could be a mix of pre-IBC and IBC mechanisms

Debashis Basu
Three years ago, I wrote the first of nine articles on the new bankruptcy code. That piece was titled Bankruptcy Law: State – 1; Market – 0. My contention, which sounded cynical at the start of a new process under a supposedly determined government, was that the new Act would unleash more of what has not worked so far — deeper involvement of the state. The successful implementation of the Insolvency and Bankruptcy Code (IBC) depended on a much bigger involvement of the state through a huge new superstructure of registration, certification and supervision. 

The process, I suspected, would quickly degenerate
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First Published: Apr 29 2019 | 12:55 AM IST

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