Urgency to fix India’s bankruptcy code While the recent suspension of IBC has slowed the number of new cases, a backlog that runs into the thousands hasn’t been resolved. (Photo: Pradeep Gaur) Given the avalanche of defaults expected, the IBC needs to be made battle-ready to deliver quick resolutions The problems include frivolous claims, most often by promoters, getting an insolvency petition admitted, the role of resolution professionals, and the buyer often losing interest Share Via Read Full Story MUMBAI : On the face of it, an abandoned half-constructed hospital that Mumbai’s municipal corporation successfully resuscitated overnight to treat hundreds of critical covid-19 patients is a great feel-good story for 2020. But the success of Seven Hills Hospital in Marol, a suburb in Andheri, has some of the city’s largest financial institutions nervous.