1. Introduction
Covid-19 related stress severely impacted all aspects of the
Indian economy including the nascent insolvency regime under the
Insolvency and Bankruptcy Code, 2016
(
Code ). The financial stability report
(
FSR ) of December 2020 released by the
Reserve Bank of India (
RBI ) predicts a
sharp rise in the gross non-performing assets of banks by September
2021
1. The FSR predicts uncertainty in the economic
recovery path although it assures that the worst is behind.
Needless to say, economic recovery is impossible without resolution
of bad debts and especially Covid-19 defaults. Consequently, the
report of sub-committee of Insolvency Law Committee on the
pre-packaged insolvency resolution process (