IBC Amendment Ordinance – A Stitch In Time?

There was a significant jump witnessed in India's ease of doing business rankings last year and the Insolvency and Bankruptcy code ("the Code") was regarded as a key contributor in the jump. Having acknowledged the contribution of the Code, the Government of the day is making every possible effort to make it fit for purpose. The Code was brought in force in December 2016 and has already seen two ordinances and an amendment not to mention the circulars and changes in rules and regulations. Being new, the jurisprudence around the Code is still evolving and unforeseen situations are encountered every day. However, it is encouraging to see that the Judiciary as well the Legislature are both being very proactive is making sure the Code delivers what it was intended for.