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Insolvency Laws: Developing Responsible Corporate Borrowing Behaviour

While Rome wasn't constructed in a day, Nagasaki and Hiroshima were demolished in a single day. The financial markets and sectors are so intertwined that the collapse of one would bring down the entire system, making it impossible to implement an effective, time-bound bankruptcy process for the debtors.

This is why the government enacted the Bankruptcy and Bankruptcy Code, 2016. By closing different gaps in the prior legislation, IBC is attempting to safeguard the interests of the debtor's stakeholders and creditors. This essay explains how IBC has expanded during India's economic development and decline. Since the Indian economy is expanding quickly, there have been many new developments that have made it more complicated.

IBC has several laws and guidelines to address the complexity, but it has to be seen how effective they will be. India's banking industry has experienced a sharp upswing in the previous several months as a result of the banks' proactive identification of non-performing assets and the implementation of IBC.

The need to create enforceable laws for individual bankruptcy in India stems from the rise in the demand for credit from individuals in the economy. This paper explains which rules and regulations of the bankruptcy laws of developed countries, such as the United States of America, can also be adopted by the IBC.

Research Questions:
  • Question I: How insolvency and bankruptcy code is developing in India's legal framework on bankruptcy
  • Question II: Why does India lack public-private partnerships in the corporate insolvency resolution process as per the Insolvency and Bankruptcy Code, 2016?
  • Question III: How United States government solve the 2008 financial crisis?
  • Question IV: What are United States laws on bankruptcy?
  • Question V: Why is there a need to notify individual insolvency laws in India?

Donald Trump has taken business bankruptcies six times before becoming president of the world's most powerful nation[1]. In India where the government is working towards liberalizing the business laws for a new entrepreneur to enter into the business, the insolvency laws provide an easy exit while safeguarding the going concern principle of accounting in consideration. In India, there is an adverse perception towards the business that went bankrupt as compared to the United States of America where Donald Trump got elected as the President even though he has filed for Chapter 11 bankruptcy for a reorganization of business six times.

The companies like General Motors, Marvel, Delta Airlines, American Airlines, and even Gold's Gym recently filed for bankruptcy and now General Motors is America's most profitable automaker, Marvel which was later sold to Disney is one of the world's largest entertainment company, Delta Airline is one of the most prominent airlines, American Airline which is the biggest airline in the entire world and Gold's Gym which filed chapter 11 bankruptcy in 2020 due to pandemic is currently under the ownership of RSG Group and is faring well and is projected to thrive considering the uptick in demand for health-related services in future.

Insolvency laws: India's perspective
The balance sheet of Indian banks has greatly improved after the Insolvency and Bankruptcy Code of 2016 was implemented. The Reserve Bank of India's rules, which force banks to aggressively identify stressed assets on their balance sheets and to restructure, reform, and recapitalize those assets, are largely to blame for the improvement in the balance sheets of Indian banks.

Businesses that became insolvent due to corporate mismanagement or fraud can be reorganized and reformed through the help of insolvency laws. Any creditor, including financial and operational creditors, can apply to the National Company Law Tribunal (NCLT) to declare a business entity bankrupt and start the process of resolving corporate insolvency.

Several notable examples of companies that went bankrupt and underwent the CIRP process include Essar Steel, which was acquired by Arcelor-Nippon joint venture with a total admitted debt of INR 49,000 crore; banks recovered 92% of the admitted debt, or INR 42,000 crore; Bhushan Steel, which was acquired by Tata Steel with a total admitted debt of INR 44,000 crore; banks recovered 83% of the admitted debt, or INR 36,400 crore; and Reliance Communication, which had a total admitted debt of INR 33,000 crore.

Banks and Reliance Jio recouped 70% of the acknowledged debt, or INR 23,000 crore[2]. As compared to the recoveries from previous regimes, the recoveries from IBC stand at 40% of the total admitted debt, and pre-pandemic level recoveries were as high as 6.2% of the total admitted debt since the inception of the Lok Adalat regime, 4.1% of the total admitted debt from 2015 to 2022, and the SARFAESI Act, which recovered a slightly higher 26.7% of the total admitted debt as high as 45.5%[3].

Insolvency laws: Developing India's laws on the resolution of corporate insolvency.
functioning credit is essential to a functioning economy. With the introduction of the IBC, India's capitalism is expected to develop. The board of the company may no longer hold ultimate authority, and creditors will have the ability to vote on the resolution plan. Because of this, India's capacity utilization is at an all-time high of 72%, which indicates effective capital usage by the corporates[4].

India's uneven income distribution is mostly caused by the government's emphasis on trickle-down economics. Twelve businesses are responsible for 25% of bank bad loans; these are known as the "dirty dozen." Loan defaults totalling INR 44,478 crore have been reported by Bhushan Steel, INR 44,364 crore by Lanco Infratech, INR 37,285 crore by Essar Steel, INR 37,248 crore by Bhushan Power and Steel, INR 22,075 crore by Alok Industries, INR 12,115 crore by Monnet Ispat and Energy Ltd, one of India's steel producers, and INR 10,273 crore by Electrosteel, ABG Shipyard, an Ahmedabad-based shipbuilding company, had a loan default of INR 6,953 crore; Jyoti Structures, a power transmission and distribution company, had a loan default of INR 5,165 crore; and Era Infra Engineering, one of India's infrastructure companies, had a loan default of INR 10,065 crore[5].

Due to poor management and a lack of sound judgment, these firms have been declared bankrupt; nevertheless, this will not only be unfair to their lenders but also to taxpayers, as public sector banks are recapitalized by the government using funds from taxpayers. "Through IBC creditor is brought in control model compared with promotor in position model, which produces no significant credit discipline in the country," said M. Rajeshwar Rao, Deputy Governor of the RBI. Additionally, since 2016, lawsuits totalling INR 6.1 lakh crore in loan default have been filed; however, those cases were settled before they were accepted; in the absence of the IBC, these proceedings would have continued, eroding value[6].

Insolvency laws: Improving Indian bank's creditworthiness.
Over the past year, the Nifty PSU (Public Sector Undertaking) Bank Index has increased by more than 67%. India's market capitalization climbed from 58 lakh crore in the fiscal year 2012 to 281 lakh crore in the fiscal year 2022. In contrast, PSU banks' market capitalization has decreased over the last ten years from 16 lakh crore to merely 37 lakh crore[7].

India's private sector bank has delivered a compounded annual return of 20% as compared to public sector banks which delivered a compounded annual return of just 8.7% due to poor asset quality[8]. The increase in public sector projects over the last year is not only the result of market fluctuations; during the previous five years, banks have eliminated troubled assets from their balance sheets.

Bank balance sheets have improved as a result of the RBI's rigorous provisioning of non-performing assets and write-down of bad loans from their balance sheets. Following banking regulations, the RBI has the authority to order banks and other financial entities to file for bankruptcy. RBI introduced a pre-insolvency mechanism in 2018 that requires corporations that cannot be resolved through a pre-insolvency procedure to be referred to NCLT.

However, this ruling resulted in several petitions being filed before the Supreme Court in the case of Dharani Sugars And Chemicals Ltd. v. Union of India & Ors.[9], The RBI's instruction to the bank to use the Insolvency and Bankruptcy Code is seen to be excessive and in breach of section 35AA of the Banking Regulation Act, according to the court.

The RBI then outlined the process in a circular dated June 7, 2019, wherein banks were encouraged to restructure accounts more often and to make larger provisions for those accounts without requiring the accounts to be insolvent. "Aggressive recognition of NPA is necessary to reform, restructure, resolution and recapitalization finance minister Nirmala Sitharaman stated."[10].

Today when the world economy is on the brink of going into recession many experts believe that India's economy will be resilient majorly due to the healthy credit culture of the Indian economy created due to laws like the Insolvency and Bankruptcy Code.

Insolvency Laws: United States perspective
There are six different forms of bankruptcy in the US; they are all called after the chapter(s) of the US bankruptcy code that corresponds to the situation in question (chapters 7, 9, 11, 12, 13, and 15). Chapter 7 or Chapter 13 of the US bankruptcy legislation is used for the majority of individual bankruptcies. Municipalities like states and towns that file for bankruptcy are connected to Chapter 9 bankruptcy.

Most American corporations file for bankruptcy under Chapter 11, which handles cases involving the reorganization of a corporation[11]. Chapter 12 bankruptcy cases are handled by "family farmers" and "family fishermen" with "regular annual income." A person who files for Chapter 13 bankruptcy agrees to repay the total amount owed to creditors once a month for three to five years.

Insolvency laws: Corporate Insolvency in the United States
Employing over 200,000 people at the time of their bankruptcy filing, General Motors Corporation, CIT Group, one of the largest financial service companies in the US, Enron Corporation, the largest natural gas seller in North America, and Delta Airlines Inc., one of the oldest operating airlines in the world, are just a few of the companies that have filed for bankruptcy under Chapter 11 of reorganisation.

Other companies that have filed under this chapter include the largest savings and loan association in the US, WorldCom Inc., the second-largest long-distance phone company in the US, and Delta Airlines Inc[12]. Unfortunately, some of these companies were in such a venerable position that they couldn't be reorganized henceforth the USA's giants like Lehman Brothers which at the time of filing the bankruptcy had assets of more than $600 billion along with companies like American International Group (AIG), Bear Stearns, and Washington Mutual filed for bankruptcy which trampled the American economy and shake off the world economy[13].

In addition to having billions of dollars in debt, these companies that went bankrupt in 2008 as a result of the subprime mortgage crisis also lost the public's trust and confidence because their assets couldn't be realized at fair prices at the time. As a result, many private banks avoided taking part in the resolution of financial services businesses including Lehman Brothers, Bear Sterns, Washington Mutual, and AIG, which had assets worth billions of dollars.

When companies in the US started filing for bankruptcy in 2008, it was unusual for other businesses to show interest in helping the Federal Reserve Board, working with the US Treasury Department, resolve the corporate debtor crisis by bailout of the American International Group (AIG) for a total of $182.3 billion as the government considered these companies as "too big to fail[14]."

The Federal government of the United States bailed out a private company with taxpayer money. This led to a common perception in the public mind about bailout as a tool to "Socialized industry losses�� and privatize its profits[15]." The US Treasury Department and Federal Reserve continue to defend their actions during the 2008 financial crisis by arguing that the financial markets would have suffered greatly if AIG and Bear Sterns had not been saved through a deal with JP Morgan. A nation that supports capitalism, such as the United States, frequently steps in to help firms file for bankruptcy.

This was the case in 2009 when General Motors, one of the biggest automakers in the nation, was on the verge of going out of business. Since GM's bankruptcy would result in unpaid payments to its suppliers and contractors, which would destabilize the whole US car sector and compel other businesses to file for bankruptcy, the American government's purpose is to protect not only the workers but also the American auto industry.

General Motors (GM) was able to come out of bankruptcy thanks to a historic equity investment made by the US government using public monies. Several accounts claim that the federal government lost billions of dollars as a result of the financial support and bailouts it provided to private businesses. On the other hand, millions of jobs across the nation were preserved by the government.

Insolvency Laws: Individual Insolvency In The United States
According to statistics released by the Administrative Office of the U.S. Courts, the September 2022 non-business annual bankruptcy filings totalled 370,685, compared with 418,400 cases in the previous year[16]. The option to combine debt and establish a repayment plan for that debt is the aim of individual bankruptcy laws. Furthermore, regulations about insolvency ensure that an individual is treated fairly and equally, which precludes creditors from taking advantage of the debtor.

A person applies for Chapter 7 bankruptcy if they are unable to pay their bills in full each month or have a reliable source of income. In a Chapter 7 bankruptcy, the debtor requests that their present debts be discharged through the sale of their assets. All of the staff's belongings are liquidated to settle any outstanding debts, except basics for survival.

After three to six months of an approved Chapter 7 bankruptcy filing, the automatic stay lifts, relieving debtors of the immediate threat of being kicked out of their home, having their wages garnished, or having their mortgage property foreclosed. Participation in credit counselling is mandated by law before filing for bankruptcy. The U.S. Trustees Office maintains an updated list of for-profit companies that provide personalized credit counselling. Credit counselling enables debtors to pay off their debts without becoming bankrupt.

Credit counselling seeks to assist those who are filing for bankruptcy by providing them with the best choices available. An individual's bankruptcy application must include the credit counselling certificate of completion. The next step is to pay the related fees and file a petition with the US bankruptcy court. The bankruptcy court appoints the trustee, after which it reviews the application and designates all of the debtor's assets as bankruptcy property.

The bankruptcy court summonses all creditors to appear in court to assess if the debtor is eligible for Chapter 7 bankruptcy protection. If the court rules that the debtor is not eligible, the debtor may file for Chapter 13 bankruptcy. If the court grants a Chapter 7 petition, the trustee decides which assets have to be auctioned. Liquidation is not applied to assets that are vital to life. The bankruptcy will be discharged after the completion of the debtor's education course and submission of a certificate of completion for the same by the debtor.

The public record for the Chapter 7 bankruptcy remains on the debtor's credit report for 10 years[17]. Unsecured loans like unpaid medical bills, credit card dues, and personal loans the debts that are not discharged under Chapter 7 bankruptcy including student loans, child support, income tax debt, and debt that arise due to fraud[18].

If someone has enough money to pay off their debts, they can apply for Chapter 13 bankruptcy. to apply for Chapter 7 or Chapter 13 personal bankruptcy depends on the results of the bankruptcy means test, which evaluates the debtor's income, spending, and debt to see if any repayment is possible without necessitating the debtor to sell their assets. A person filing for Chapter 13 bankruptcy asks the court to reorganize their debts and establish a monthly payment plan that will continue for three to five years, or until all of their obligations are settled.

The debtor may be able to halt the foreclosure process and makeup missed mortgage payments with the help of Chapter 13. A trustee appointed by the court receives monthly payments from the debtor and essentially combines all of the obligations into one payment. The trustee pays the bankrupt's creditors back over time, and finally, the debtor is released from debt.

For seven years following the conclusion of the repayment, the debtor's credit report has the public record of their Chapter 13 bankruptcy[19]. The individual bankruptcy laws were formulated to prevent the debtor from mental stress and delinquent demands from the creditors.

Insolvency Laws: Effect Of The Economic Cycle On CIRP
The insolvency and bankruptcy rule was implemented by the federal government, led by Prime Minister Narendra Modi, to fortify the country's banking sector and make conducting business easier in India. As of right now, the bankruptcy and insolvency laws have helped enhance banks' balance sheets and offer a simple way out of the industry. It is still not possible for this code to address and fix all of the system's flaws, though.

The insolvency and bankruptcy legislation established the corporate insolvency resolution process, which is a time-bound procedure that must be completed within 330 days after the application date of admission and may be extended for an additional 90 days otherwise the corporate debtor will be resolved through the liquidation process[20].

Geopolitical concerns have resulted in an economic slowdown and a shortage of adjudicators, which has caused delays for the IBC. When the economy is booming, a class of industries that deal with capital goods generally see lower haircuts in their CIRPs; in contrast, during a downturn, corporates anticipate that no significant resolution plan would be put up by the private players, thus they choose to purchase these companies at lower haircuts.

As seen in the Essar Steel case, when the corporate debtor obtained an alluring resolution plan as a result of a spike in steel prices, and even the corporate debtor's promoters desired to do away with the CIRP entirely and keep the business for themselves with the clean slate. This fearful and greedy business behaviour is not addressed by the insolvency and bankruptcy legislation. The capital goods industries are cyclical, meaning that they do not enjoy the benefit of constant demand because commodity prices fluctuate.

As a result, these industries either flourish or decline, and the code cannot address this phenomenon because changes in commodity prices are driven by supply and demand in the market. While the entire world economy was in lockdown during the coronavirus outbreak, many steel industry companies were in danger of going bankrupt.

However, industrial demand increased significantly as a result of a shortage of raw materials, which led to a sharp increase in steel prices. Steel prices increased as a result of shifts in consumer behaviour. Demand for real estate rose in tandem with the economy as the need for independent residences grew over time.

In addition, rising inflation made many think that real estate investments were a better alternative than bank savings. This led to a boom in the steel sector, with numerous heavily indebted corporations reporting record profits. IBC therefore finds it extremely difficult to resist fluctuations in the boom-bust economic cycle.

Insolvency Laws: Government Cooperation In Public Utility For Consumer Protection:
As we discussed above the US government during the period of contraction of their economy helped corporates through various ways of capital infusion either through debt or equity. Today India's telecom sector requires government cooperation through a public-private partnership.

Indian telecom sector which had a presence of more than 19 telecom companies like Aircel, Tata Docomo, MTS, Hutch, Reliance Communication, etc., and various multinational companies left the Indian telecom industry as a result today India's telecom sector is dominated by 4 mobile operators which include Reliance Jio which has the market share of more than 39%, Bharti Airtel with the market share of 35%, Vodafone Idea with the market share of 21%, and BSNL Mobile under the ownership of the government of India with a modest share of 5%[21].

With the aggressive marketing strategy of Reliance Jio along with the pressure on the telecom sector due to AGR (Adjusted Gross Revenue) dues, the Indian telecom giant Vodafone Idea is in a critical state. Recently, government reform to support Vodafone Idea through the conversion of the telecom companies' dues linked to interest on spectrum charges and adjusted gross revenue (AGR) worth Rs 16,133 crore into equity[22].

With this, the government will have a 33 per cent stake, making it the biggest shareholder in the financially stressed telecom joint venture of Vodafone and Idea. The government reform has given a lifeline and provided immediate relief to Vodafone Idea for the near term but still, the non-profitability, coupled with high spectrum charges and continuous loss of subscribers Vodafone Idea is in a grave situation of going bankrupt in longer-term.

The bankruptcy of Vodafone Idea will lead to the creation of a duopoly in the Indian telecommunication sector as the inefficiency and poor customer service of BSNL Mobile in addition to its limited presence in the market, currently, it doesn't stand a chance to compete with Bharti Airtel and Reliance Jio. Telecommunication is a public utility sector as these days Indian consumer is highly dependent on internet services as date consumption has become a basic need for consumers. The government which aims to digitalize India needs to step up, cooperate and make reforms for the stressed telecommunication sector.

The government of India cannot let the private companies form a duopoly in the public utility sector as in the end consumers have to suffer from the predatory pricing by the telecommunication companies. The Insolvency and Bankruptcy Code of India was not formulated with the intent to lay down the grounds for declaring a corporate bankruptcy but the predominant intent of IBC is resolution and prevention as a first resort to the recovery of the company going into bankruptcy.

Therefore, the government in light of insolvency laws and competition laws must not only rehabilitate a single corporate entity but must make reforms for the telecommunication sector to protect the interest of consumers.

Insolvency laws: Need to notify Individual Insolvency laws
The central government on 01.12.2019 notified[23] laws on insolvency resolution and bankruptcy relating to personal guarantors of corporate debtors. Recently, Insolvency proceedings were initiated against Zee Entertainment by the IndusInd Bank as Zee was the personal guarantor of a loan to Essel Group's Siti Networks, however, the case will be withdrawn by IndusInd Bank instead of repayment by the Zee of its debt obligation[24]. Part III of IBC deals with Insolvency resolution and bankruptcy for individuals and partnership firms.

The insolvency laws on the fresh start process, individual insolvency resolution process, and individual bankruptcy are still not notified. In India, the sectoral deployment of bank credit to the personal loan segment stands at 29.8% according to RBI data released on sectoral deployment of bank credit for January 2023 from 28.6% as of March 2022[25].

As more banks promoted rapid loans supplied digitally through mobile applications like Navi, Slice, Fi, etc., consumption loans, which the RBI classifies as "other personal loans," increased 25.6% in January compared to the same month last year[26]. Among other segments, unsecured loans are used for household consumption, medical costs, vacations, weddings, and other social occasions.

These loans totalled 10.5 lakh crore as of January[27], if the 1.9 lakh crore in credit card debt is included, the entire growth in unsecured retail loans in January stood at 26.2%[28]. This signifies that the increasing demand for unsecured loans in the economy is increasing rapidly and is at an all-time high. Part III from sections 78 to 183 entails the provisions on individual bankruptcy. Individual bankruptcy can be further divided into 3 parts namely:
  1. Fresh start process, the following process helps an individual to discharge their qualified debts. The qualified debts include all debts other than court fines, child support payments, student loans, money owed under criminal charges, and debts resulting from personal injury claims[29]. An individual with gross annual income not exceeding sixty thousand, aggregate personal assets not exceeding twenty thousand, aggregate qualified debt not exceeding thirty-five thousand and no dwelling unit is qualified to apply fresh start process[30]. The moratorium period starts after an application consequently no legal action can be initiated and pending legal proceedings are deemed to stay[31].
  2. During the period of moratorium, an individual is prevented from eviction, repossession, and wage garnishment where the wage of an individual is upheld by the employer for payment of debts. Individuals can discharge their debts and get a fresh start to their lives free from debts.Insolvency resolution process, involves a round of negotiation between the debtor and the creditor under the supervision of a resolution professional to arrive at a repayment plan.
The repayment plan is made by aggregating all the admitted debts and payment is made either in a one-time arrangement with some reasonable haircuts or periodic payment of the debt by the debtor. When an application is filed under section 94 of IBC by the debtor or section 95 of IBC by the creditor leads to the commencement of the period of moratorium wherein all the suits against the debtor are barred and help the debtor in preventing the foreclosure of a mortgage, repossession, eviction, wage garnishment and delinquent mortgage payments[32].

Insolvency and Bankruptcy Board of India (IBBI) released the Insolvency and Bankruptcy Board of India (Insolvency resolution process for personal guarantors to Corporate Debtors) Regulation, 2019 subsequently the central government through an official gazette notified the individual insolvency resolution process only for personal guarantors of the corporate debtor. 3.) Individual bankruptcy, if an individual fails to provide or adhere to an individual resolution process then a separate application for bankruptcy can be filed against the debtor.

When the application is accepted by the adjudicating authority, it shall be required to appoint a bankruptcy trustee. The estate of the bankrupt will vest in the trustee and the value realized from those assets shall be divisible among the creditors[33]. The assets like the unencumbered personal ornament and unencumbered single dwelling unit of the bankrupt shall be exempted from the estate of the bankrupt[34].

The bankruptcy trustee after the distribution of the property shall apply for a discharge order[35].The discharge order passed by the adjudicating authority shall free the bankrupt from all the bankruptcy debts[36]. The central government notified certain rules titled the Insolvency and Bankruptcy (Application to Adjudicating Authority for Bankruptcy Process for Personal Guarantors to Corporate Debtors) Rules, 2019 (Bankruptcy Rules, 2019)[37].

Consequently, the individual bankruptcy law was only notified for the personal guarantor to the corporate debtor. Nevertheless, the central government has not notified part III of IBC yet concerning individual insolvency and bankruptcy other than that of the personal guarantor to the corporate debtor.

Currently, the acts like Presidency Insolvency Act, 1909, Provincial Insolvency Act, 1920, Recovery of Debt due to Banks and Financial Institution Act (RDDBFI), 1993, Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act (SARFAESI), 2002 and Enforcement of security interest and recovery of debt laws and miscellaneous provisions (Amendment) Act, 2016.

The following regimes don't declare individuals bankrupt and don't lay down any resolution process for an individual. Regimes like SARFAESI are only available with the banks and financial institutions that are secured creditors other creditors of unorganized sector or credit card companies that don't have any security against the debt provided to the debtor are left with no choice other than to file a civil suit which takes a lot of resources including time, court fees and advocates fees.

Furthermore, unlike the Insolvency and Bankruptcy Code, these regimes are not completed within time time-bound period, and recovery from these regimes is low. Nevertheless, since the government's notification related to the enforcement of insolvency and bankruptcy laws against the personal guarantor of the corporate debtor the directors like Anil Ambani, Vijay Mallya, Nirav Modi, Neeraj Singhal (Bhushan Steel), Prashant Ruia (Essar Steel), Manoj gaur (Jaypee Group) and many other who stood as guarantor for corporates are in the predicament as now they can be made personally liable to pay off the remaining debts of the corporates for which they stood guarantor. In present circumstances the insolvency and bankruptcy code is developing responsible borrowing behaviour within the corporates in India as this practice of guarantee being limited has now become obsolete with the recent notification of the central government on insolvency and bankruptcy law.

  1. Michelle Lee, 'Fact Check: Has Trump declared bankruptcy four or six times?' (Washington Post, 27 September, 2016) accessed 2 February 2023
  2. Suresh P. Iyengar, 'Barring Essar Steel and Bhushan Steel, recovery from top 7 IBC cases dips to 34 per cent' (The Hindu business line, 6 December 2021) accessed 5 February 2023
  3. Salil Panchal, 'Five years of NCLT: The bad loan recovery tool is painfully slow, but still India's best bet' (Forbes India, 15 July, 2021) accessed 7 February 2023
  4. Sandeep Singh, 'Higher capacity utilisation signals investment revival' (The Indian Express, 6 August 2022) accessed 10 February 2023
  5. Mayur Shetty, 'Dirty Dozen' bankruptcy cases to be resolved in current fiscal: SBI' (The Times of India, 29 October, 2018) accessed 5 February 2023
  6. M. Rajeshwar Rao, Deputy Governor, Reserve Bank of India, 'International Research Conference on Insolvency and Bankruptcy' (IIM Ahmedabad 30 April, 2022)
  7. Rajesh Mascarenhas, 'PSUs running on street push m-cap share to 13%' (Economic Times, 23 December 2022) accessed 15 February 2023
  8. Shayan Ghosh, 'The spectacular return of public sector banks' (Live mint, 28 December 2022) accessed 16 February 2023
  9. Dharani Sugars And Chemicals Ltd. v. Union of India, (2019) 5 SCC 480.
  10. PIB Delhi, 'Comprehensive steps taken by the Central Government under the 4R's strategy to reduce NPAs of Public Sector Banks' (Press Information Bureau, 16 July 2019) accessed 17 February 2023.
  11. CFI Team, 'US Bankruptcy Code' (Corporate Finance Institute, 18 January, 2023) accessed 1 February 2023.
  12. Andrew Ross Sorkin, 'The Eye of the Bankruptcy Storm' (The New York Times, 17 July 2020) accessed 15 March 2023.
  13. Renae Merle, 'A guide to the financial crisis � 10 years later' (The Washington Post, 10 September 2018) accessed 25 March 2023.
  14. Duncan Watts, 'Too Big to Fail? How About Too Big to Exist?' (Harvard Business Review, June 2009) accessed 26 March 2023.
  15. Aakangshita Dutta, 'Flaws in the Financial System: Socializing Risk, Privatizing Profit' (United Nation Chronicle) accessed 27 March 2023.
  16. United States Courts, 'Bankruptcy Filings Continue to Fall' (US Courts, 31 October 2022) accessed 26 March 2023.
  17. United States Bankruptcy Code 1978, c 7.
  18. United States Bankruptcy Code 1978, c 7 �� 701, 704.
  19. United States Bankruptcy Code 1978, c 13.
  20. Insolvency and Bankruptcy Code 2016, s 12.
  21. Gulveen Aulakh, 'Telecom industry revenue up 16% in Q2; Airtel gains largest share, Vi sees loss' (Live mint, 9 December, 2022) accessed 10 March, 2023.
  22. Aneesh Phadnis, Abhijit Lele, Surajeet Das Gupta, 'Govt gets 33% stake in Vodafone Idea, promoters to invest as well' (Business Standard, 3 February 2023) accessed 10 March, 2023.
  23. Insolvency and Bankruptcy (Application to Adjudicating Authority for Insolvency Resolution Process for Personal Guarantors to Corporate Debtors) Rules, 2019.
  24. Reeba Zachariah, 'Zee faces bankruptcy case, MD Goenka moves NCLAT' (Times of India, 24 February 2023) accessed 15 March 2023
  25. Reserve Bank of India, 'Sectoral Deployment of Bank credit'(PR: 2022-2023/1801, 28 February, 2023) accessed 1 March 2023
  26. Shayan Ghosh, 'Personal loans prop up credit growth in January'(Live mint, 8 March 2023) accessed 21 March 2023
  27. Gayatri Nayak, 'Loans to home, vehicle and large firm drives credit growth' (Economic Times, 28 February 2023) accessed 21 March 2023
  28. Livemint, 'Youngsters are boosting India's loan growth, says report' (Live mint, 2 February 2023) accessed 26 March, 2023
  29. Insolvency and Bankruptcy Code 2016, s 79(15).
  30. Insolvency and Bankruptcy Code 2016, s 80
  31. Insolvency and Bankruptcy Code 2016, s 81.
  32. Insolvency and Bankruptcy Code 2016, s 96.
  33. Insolvency and Bankruptcy Code 2016, s 128.
  34. Bankruptcy Rules 2019, r 5. [35]
  35. Insolvency and Bankruptcy Code 2016, s 138.
  36. Insolvency and Bankruptcy Code 2016, s 139.

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