With the exponential increase in the number of Covid-19 cases in the second wave of the pandemic and the overall economic slowdown, demands are being made for further tweaks the insolvency regime equipped to tide over the crisis.
In 2016 India overhauled its existing legal framework on bankruptcy and insolvency processes and the new Insolvency and Bankruptcy Code 2016 – aimed at streamlining the bankruptcy resolution process – was enacted.