Corporate Insolvency: Law, Policy and Practice

"...This book elucidates the dynamic nature and intricate complexities inherent in the realm of corporate insolvency law within the jurisdiction of India. This discourse highlights the significant legislative and judicial milestones, while also bringing to light the less apparent yet equally important factors, including regulatory responses, the enhancement of institutional capacities, industry behaviours, and the phenomenon of global convergence.

The scholarship articulated within this work is characterised by its rigour, multi-dimensionality, and relevance to policy considerations. It is unequivocally anticipated that this will function as an indispensable resource for legislators, members of the judiciary, professionals in the field of insolvency, scholars, and stakeholders within the business community.

Justice A.K. Sikri
Former Judge, Supreme Court of India & International Judge, SICC

The book elaborately records the circumstances leading to the enactment of the Insolvency and Bankruptcy Code, 2016 (IBC), intricately documents its over eight-year journey, and crystal gazes into the future and sets aspirations for next generation reforms needed to meet the lofty goal of Viksit Bharat. The book takes us, step by step, into all the legislative and regulatory changes made in eight years while analysing the factors demanding the amendments and changes. He discusses every significant decision of the Supreme Court and National Company Law Appellate Tribunal and their impact on IBC functioning.

Amitabh Kant, G20 Sherpa

An earlier version of the book was published at a time when the laws were brand new and untested, and the implications were unknown. Eight years later, much water has flown under the bridge... I am very pleased that Mr Batra has brought us up to date on this journey with this book.

Sanjeev Sanyal,
Member, Economic Advisory Council to the PM

The book offers deep insights, practical reflections, and scholarly rigour that make it essential reading for policymakers shaping the next phase of reform, professionals navigating the evolving regulatory terrain, scholars exploring the theoretical contours, and students seeking to understand one of India's most significant economic and legal transformations. I strongly recommend this work to anyone interested in the future of India's economy and institutions.

Dr M.S. Sahoo
Former Chairperson, IBBI

This book provides the historical context of the development of Indian insolvency law, charting each of the milestones and analysing their impact before looking to the future and offering thoughts and suggestions for further potential improvements. Sumant, as a Past President of INSOL International, has long championed high standards in the insolvency industry and challenges current and future leaders in the field to commit to continue this important journey.

Alastair Beveridge, President,
INSOL International

This book is many things-a history, a hornbook, a treatise, and a forward-looking call to action for the continued development of insolvency law and related economic reforms to carry India toward its lofty and aggressive goals. It is of universal value and importance to anyone seeking to understand the economic history and objectives of this awakening financial giant, and an important contribution to the literature on comparative and cross-border insolvency everywhere.

Mark D. Bloom
Chair, International Insolvency Institute
Partner, Baker McKenzie, LLP

In this book, Sumant Batra-one of the world's leading authorities on insolvency law-presents a masterful analysis of the transformative journey of India's insolvency regime since the enactment of the Insolvency and Bankruptcy Code (IBC) in 2016. With a rare combination of practical experience and scholarly depth, Batra offers a comprehensive examination of the IBC, highlighting its critical role in fostering investor confidence, enhancing financial stability, and supporting the real economy in India. The book also engages thoughtfully with the latest trends, challenges, and policy debates shaping insolvency laws and practices around the world. Therefore, apart from being an essential resource for insolvency professionals in India, this leading treatise on insolvency is a fascinating read for anyone-from the Global North to the Global South-interested in understanding the past, present and future of insolvency law.

Aurelio Gurrea-Martinez,
Associate Professor of Law, SMU

• Part I (Pre-2014) - PAST: INDIA’S TRYST WITH REFORMS
• Part II (2014 – 2024) - PRESENT: THE IBC AND ITS FOOTPRINTS
• Section A - Institutional Framework
• Section B - Institutional Framework
• Section C - Pre-Pack Insolvency Resolution Process
• Section D - Liquidation
• Section E - Insolvency of Financial Institutions
• Section F - Insolvency Process of Individuals
• Part III (2024–2047) - FUTURE: INDIA AS A GLOBAL INSOLVENCY HUB
• Part IV - THE SUMMARY
• APPENDICES
• Subject Index