The Insolvency and Bankruptcy Code, 2016 (Code) has been hailed as a paradigm shift from the
erstwhile insolvency regime in India in terms of its design and architecture and professionalisation of
insolvency services. The efficiency and efficacy of the Code in terms of outcomes has been inspiring.
The role of the Code has been lauded by the leaders of the country, including the Hon’ble President of
India and the Hon’ble Prime Minister of India at various fora. The World Bank, in its annual Ease of Doing
Business rankings, has also commended India’s performance in resolving insolvency since enactment
of the Code.
This is, thus, truly a journey worthy of being penned down and narrated to generations to come, much
like other series of economic reforms rolled out by the government to foster efficiency and transparency
under the mantra 'Reform, Perform, and Transform'. This publication, the second Annual publication of
the Insolvency and Bankruptcy Board of India, being released on its Fourth Annual Day, is a contribution
towards presenting some thoughts and viewpoints of various stakeholders in the insolvency ecosystem
in terms of its passage so far and road ahead.
The theme of this year’s publication is a ‘narration’ of the path the law has taken; where it stands today
and what lies ahead. Practitioners, policymakers, lawyers, subject experts, and academicians have
graciously shared their thoughts in the publication around this theme.
The selection of articles put together aim to keep the readers abreast with the developments in the
evolving area of insolvency and bankruptcy laws in the country and inspire them to know more and
research further in this area.