The new Indian insolvency regime: Effective, or is the jury still out?

Anish Mashruwala and Anmol Narang

The corporate insolvency landscape in India has been refocused with the Insolvency and Bankruptcy Code 2016 (IBC) in the spotlight. Enacted in May 2016, the IBC has been regarded as a game-changing legislation for insolvency resolution. ¹ With the shift to a creditor-centric approach from a debtor-in-possession model which seemingly had failed, the IBC strives to conclude a corporate insolvency resolution process (CIRP) with a resolution plan considered viable by its creditors, failing which the corporate entity faces liquidation. Six years down the line, its performance invites the question: is the IBC living up to what it set out to achieve?