A Maximalist Approach to Data Under IBC

Adam Feibelman () and Renuka Sane
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Adam Feibelman: Sumter Davis Marks Professor of Law at Tulane Law School

A chapter in Insolvency and Bankruptcy Reforms in India, 2022, pp 93-120 from Springer

Abstract: Abstract The regulator under IBC, the Insolvency and Bankruptcy Board of India (IBBI) has a statutory responsibility to gather and disseminate information about India’s new insolvency and bankruptcy system. That system is still in its infancy, and IBBI has a unique opportunity to design a comprehensive approach to generating, gathering, and disseminating data. As empirical research on bankruptcy in the U.S. illustrates, data are essential for assessing how an insolvency system functions, how it affects various stakeholders, and what economic and social impact it has. Data generated by the system can also be a uniquely valuable source of information about the broader economy and society, including macro-economic vulnerabilities and failures plaguing certain financial products. This chapter proposes that IBBI and the adjudicating tribunals under the Code adopt a maximalist approach to data, limited only by institutional capacity and basic privacy norms. It describes the types of data that the system can generate, the challenges in gathering and disseminating it, and the comparative advantages that IBBI and the tribunals have in doing so. The chapter also proposes that IBBI conduct a pilot or diagnostic study of the data currently being generated by the system to determine its reliability, consistency, and usability for both internal assessment and external research.

Date: 2022
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DOI: 10.1007/978-981-16-0854-4_5

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