- Publisher : Thomson Reuters (5 July 2023)
- Language : English
- Hardcover : 400 pages
- ISBN-10 : 9395696052
- ISBN-13 : 978-9395696050
- Reading age : 18 years and up
Defaulter’s Paradise Lost
From December 2016, the Indian business community at large, bankers and financial institutions among other stakeholders were introduced to a new comprehensive legal and institutional machinery – the Insolvency and Bankruptcy Code, 2016 (“IBC”) – which was set to revolutionize the resolution process of financially distressed companies. In Defaulter’s Paradise Lost Anant Merathia meticulously curates the dynamic nature of the IBC while taking inspiration from his experience in this sphere of legal practice. This book accompanies the reader through the journey and evolution of the IBC in a stakeholder-wise manner touching upon, in the process, its various facets in a lucid and understandable manner, without the flourishes and jargon of a legal text. It is intended for use by members of the bench and the bar, insolvency professionals, finance professionals, chartered accountants, company secretaries, various stakeholders in the IBC, businesses, corporate entities and individuals, students, researchers, academicians, and law professors.
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Sumit –
The Insolvency and Bankruptcy Code 2016 (IBC) has been a transformative piece of legislation. Introduced to amend and consolidate the insolvency laws, it has heralded a modern insolvency regime with a comprehensive insolvency code, a new architecture including dedicated adjudicating authorities and streamlining the judicial process. IBC has not only overhauled the entire insolvency procedure but also improved the banking sector and helped relevant stakeholders. The IBC can be complex to understand at times and this book has done an incredible job in simplifying it.
The book is not a commentary on the law itself but the analysis of the law and the procedures underlying it. The book starts with the brief introduction of insolvency regimes prior to IBC and the problems faced by them. It explains the intent of IBC and its framework. Most crucially, it discusses the various issues faced by the different stakeholders in the IBC regime; be it the corporate debtors, operational & financial creditors and insolvency professionals and procedural difficulties. It was also discussing in brief the prepack insolvency regime, resolution vs liquation debate and the background of the law. Most importantly, it also talks about the possible changes to the IBC which can make it more effective.
The book does it’s best to explain the readers the practical aspects of the IBC in a stakeholder-wise manner. The book also includes case laws to explain the finer analysis of the law and also explains concepts, principles and legal procedures without the legal jargon. The best thing about the book is that explains the practical impact of the law including issues pertaining to each class of stakeholders from creditors, debtors and insolvency professionals. The highlight of the book for me were the proposed changes in the law which if implemented will make the law more potent.
Overall, ‘Defaulter’s Paradise Lost’ is an excellent guide to understand the IBC code in an easy and practical manner. Everyone from legal practitioners, finance professionals and those seeking an in-depth understanding how the law operates will benefit from this book.