“The Insolvency and Bankruptcy Code is a dynamic law evolving to meet emerging needs of the stakeholders to further the objective of the Code. The Code has passed the Constitutional muster and with every challenge, it has come out with stronger roots. The impact of the IBC Code is not only what happens in the Code, but also what happens on account of and under the shadow of the Code. The IBC Code has won the credibility of all categories of stakeholders”, said Dr M S Sahoo, Chairman, Insolvency and Bankruptcy Board of India. Dr Sahoo was addressing the National Conference on Resolving Insolvency in India – Progress and Way Forward, organized by CII in New Delhi on Monday.
Mr Bahram N Vakil, Founder & Senior Partner, AZB & Partners mentioned that since the introduction of the IBC Code, India has made continuous progress in the insolvency process, in terms of its speed, recovery and cost. India is now at par with similar economies in this respect. The Insolvency and Bankruptcy Code has brought about significant behavioral change and responsibility in the attitudes of the borrowers and promoters. The Financial Service Providers have also become more responsible and careful in analyzing the due diligence and financial viability of their debtors.
Mr Piruz Khambatta, Chairman, CII Task Force on Ease of Doing Business credited the Code with the drastic improvement in the position of India in the Ease of Doing Business ranking awarded by the World Bank. Mr Khambatta said that India is being recognized as a growth engine and Government schemes like the IBC Code will continue to go a long way in bringing about innovation, sustainable development and entrepreneurial spirit in the economy. More such reforms would be welcome to keep the pace of development going in terms of the international best practices.
11 November 2019