Foreword
This is the year of landmark reforms: GST and the Bankruptcy
Code (Code). While the former has been subject to much discussion
and debate, the latter is just beginning to be scrutinized. Both
are expected to get implemented around the same time and both have
a high potential to change the way we do business — if
implemented with the intent with which they have been drafted.
Since 2014, the Reserve Bank of India (RBI) has cracked down
significantly on the bad loans situation accumulated in the banking
system over time through an AQR process, bringing to light the
seriousness of the problem. This has been supplemented by very
progressive and constructive initiatives such as the Joint Lenders
Forum (JLF), Strategic Debt Restructuring (SDR) — with and
without change in control — and S4A. These frameworks, though
unable to address all situations, are a step forward towards a
resolution culture. Default resolution is and will always remain
unique to each
