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Summary
One of the key drivers of economic recovery in India will be the efficient movement of capital from inefficient firms to efficient ones. The economic downturn caused by the coronavirus pandemic has been severe, and India’s economy was one of the worst affected in 2020–2021. Though the economy is recovering faster than initial estimates, sustained economic recovery will not take place if stressed businesses cannot restructure their debts properly or if failing firms cannot be resolved efficiently. India’s bankruptcy law is key to solving these challenges.
In 2016 India enacted the Insolvency and Bankruptcy Code, 2016 (IBC), which was a landmark reform to the nation’s financial system and the first comprehensive law to regulate insolvency.
former police officer acknowledges the concessions but need to give up even more. police and fire make uf 70% of our salaries and wages. there is no way to keep pace with the skyrocketing cost of health care and pensions and the salaries that these unions are contractually entitled to. reporter: there are no easy solutions in orange, new jersey, and this is the scene that is playing out across the united states. painful cuts need to be made and no one can agree on where or how. some say only drastic change is going to solve this budget crisis. one idea for distressed states that s gaining su pour, bankruptcy. to allow for federal bankruptcy. reporter: the subject of recent congressional hearings. to me when i think about a bankruptcy regime for states, i don t think about it as it s radical, i think about it as just a process. a process to allow states to work out their issues and i think that can be done. reporter: john hannah says the recent experience of gm is a good exa