The promulgation of the Banking Regulation (Amendment) Ordinance, 2017 (since notified as an Act), and the subsequent actions taken thereunder, have made the Insolvency and Bankruptcy Code (IBC) a lynchpin of the new resolution framework. There were legitimate concerns that if the Reserve Bank of India directs banks to file accounts under the IBC, it would enter the tricky domain of commercial judgments on specific cases. However, the approach recommended by the Internal Advisory Committee (IAC) constituted by the RBI for this purpose has been objective and has allayed these misgivings. The IAC recommended that the RBI initially focus on
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