An Early Examination of the RBI–12 Cases Under the IBC

Josh Felman (), Varun Marwah () and Anjali Sharma ()
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Josh Felman: J.H. Consulting
Varun Marwah: Associate at Shardul Amarchand Mangaldas & Co.
Anjali Sharma: Public Policy Researcher and An Industry Expert

A chapter in Insolvency and Bankruptcy Reforms in India, 2022, pp 9-35 from Springer

Abstract: Abstract Within six months of the introduction of the Insolvency and Bankruptcy Code, the Reserve Bank of India, as the banking regulator, was given powers to direct banks to refer their corporate Non-Performing Asset cases to IBC. The RBI listed 12 cases for banks to take action against under the new law. These 12 cases were pushed into a fledgling corporate insolvency ecosystem. This chapter studies the early progress of these ‘RBI-12’ as an illustration of how the insolvency process of large firms, some of which had been in advanced stages of insolvency, fared in the nascent IBC ecosystem. The chapter captures the behavioural responses of a law at the early stages of operationalisation, with the narrative highlighting various changes and vulnerabilities that the ecosystem experienced, in particular, capacity constraints within the institutions and some consequent divergence from IBC objectives.

Date: 2022
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DOI: 10.1007/978-981-16-0854-4_2

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