India looks to further reforms of the bankruptcy code
When the Insolvency and Bankruptcy Code (“the Code”) was introduced in 2016, it highlighted the need to create a credit-friendly culture, an area where previous legislation had fallen short. But while the Code has proven its efficacy as a dynamic legal framework, there remain areas of concern over its application.
Below we review these and also highlight some of the updates including a framework for pre-packaged insolvencies that have come into force since the Code was launched.
