Topic: Indian Economy and issues relating to planning, mobilization, of resources, growth, development and employment.
5. Evidences suggests that India’s Insolvency and Bankruptcy Code has been a huge success compared to the earlier loan recovery process. However, there have been a few misses too, in this light comment on how UKs insolvency reforms can show the way. (250 words)
Reference: The Print
Why this question:
Introducing certain provisions that form part of the UK’s new law on corporate insolvency can help save Indian companies that can still be rescued from going into the insolvency process.
Key demand of the question:
One must discuss the effectives of the IBC 2016 till now and the challenges it has been facing. Later, one must explain how the UK’s insolvency law, possibly, can help bring in reforms in the IBC, 2016.
Directive word:
Comment– here we have to express our knowledge and understanding of the issue and form an overall opinion there upon.
Structure of the answer:
Introduction:
Give a brief about the Insolvency and Bankruptcy Code. And talk about the recent introduction of the UK’s insolvency law too.
Body:
Talk about the success of the IBC 2016 in the last 3 years.
Highlight the few misses and limitations of IBC, 2016.
Discuss in brief how the UK’s insolvency law can help in bringing in reforms in IBC, 2016.
Conclusion:
based on your discussion, provide a possible way forward.
