Topic: Government policies and interventions for development in various sectors and issues arising out of their design and implementation.
2. Critically analyse the performance of Insolvency and Bankruptcy Code (IBC), 2016 in ensuring a more efficient and transparent insolvency process in the country. (250 words)
Difficulty level: Moderate
Reference: Indian Express , Insights on India
Why the question:
The editorial discusses the need for regulatory clarity regarding the order of clearance in insolvency cases. It highlights that there is a lack of clarity in the Insolvency and Bankruptcy Code (IBC) regulations, particularly concerning the priority of payments to various stakeholders in the insolvency process.
Key Demand of the question:
To write about the various issues in IBC and steps needed to resolve it.
Directive word:
Critically analyze – When asked to analyse, you must examine methodically the structure or nature of the topic by separating it into component parts and present them in a summary. When ‘critically’ is suffixed or prefixed to a directive, one needs to look at the good and bad of the topic and give a balanced judgment on the topic.
Structure of the answer:
Introduction:
Begin by writing about Insolvency and Bankruptcy Code (IBC) its aims and objectives.
Body:
First, list down the various features and achievements of IBC since its introduction.
Next, write about the various limitations in the performance of IBC.
Next, write about the reform that is needed to ensure that IBC performance leads to strengthening of its supporting role in capital formation and economic growth of the country.
Conclusion:
Conclude with a way forward.
