The six-year-old Insolvency and Bankruptcy Code (IBC) may have undergone many changes, but amending the law may not be a solution for fixing problems with the code, M S Sahoo, Distinguished Professor, National Law University, Delhi says. In conversation with Ruchika Chitravanshi, the former chairman of the Insolvency and Bankruptcy Board of India says there is a lot of scope to improve the Code with non-legislative fixes. Excerpts:
There is a clamour for amendments to the IBC. The government seems to be considering changes in the upcoming budget session. Which areas do you think require changes?
Some believe every problem has a legislative fix and legislation is an end in itself. The law was amended by an Ordinance in April