The Insolvency and Bankruptcy Code - Finally, a game-changer

With 12%+ of system loans classified either as non-performing (NPLs) or restructured (RLs), the Indian banking sector is facing a severe crisis as it reels under the burden of a burgeoning asset quality problem. Although a lion’s share of the current stress is driven by corporate delinquencies (a problem that banks revisit every few years), there is no single law that comprehensively addresses corporate insolvency. Instead, the existing debt recovery laws are not only fragmented (too many) and woefully inadequate (in terms of coverage) but also conflicting (in applicability) and overlapping (in jurisdiction).

https://www.motilaloswal.com/site/rreports/HTML/636003730677013695/index.htm