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Context: The Insolvency and Bankruptcy Code (IBC 2016) is one of the key legislative reforms that would help aid India’s path to self-reliance on a high growth trajectory.
A key reform step
Issues with its implementation:
Criminal penalties
Moves that will help
IBC
Helping MSMEs
Conclusion: Further streamlining of the Insolvency and Bankruptcy Code can instil more confidence in foreign and local investors.
Going forward, there could perhaps be a look at institutionalising the introduction of a pre-packed insolvency resolution process. This will also help resolve matters expeditiously, outside of the formal court system, and allow resolution even during the COVID-19 altered reality.
https://www.thehindu.com/opinion/lead/transforming-business-and-the-insolvency-system/article32767155.ece?homepage=true
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