Save the bankruptcy code

One of the few high-profile successes of the Insolvency and Bankruptcy Code (IBC) has been the sale of Bhushan Power & Steel Ltd (BPSL) to JSW Steel. Yet even this has had a spanner thrown in the works by the recent attachment of BPSL assets by the Enforcement Directorate (ED), the investigative agency that reports to the Union Ministry of Finance. It is concerned that BPSL might have violated the Prevention of Money Laundering Act (PMLA). It cannot be anyone’s contention that due investigation should be stopped. Certainly, if criminal acts have been committed, then those responsible should be brought