About The Book
From the dawn of December 2016, the Indian business community at large, bankers and financial institutions amongst other stakeholders were introduced to the advent of a new comprehensive legal and institutional machinery, i.e., the Insolvency and Bankruptcy Code, 2016 (“IBC”), which was set to revolutionize the resolution process of financially distressed companies.
The IBC rejigged the entire existing mechanism dealing with sick and distressed companies and their stakeholders had little to no time in absorbing and getting on pace with the nittygritties of the new regime along with its nascent developments. The dynamic nature of the IBC has been meticulously curated by Mr. Anant Merathia in this Book in a quintessential manner whilst taking inspiration from his own experience in this sphere of legal practice. The IBC has been galloping at break- neck speed, unlike any other legal statute in the recent past thereby resolving new quandaries at every turn and paving way for seamless implementation of the legislation.
Genesis of the Book
Mr. Anant Merathia has over the years apart from active practice has contributed to this law’s dynamic journey by articles, panel discussions and organising seminars and conducting a host of technical sessions on this subject assessing it at different stages to identify the concerns of stakeholders and voice it to the authorities in one way or the other.
In his interactions over the last 6 years at various forums, having interacted with professionals such as CAs, company secretaries, cost accountants, consultants, finance professionals, banking professionals and even promoters he felt that there was a law that was impacting the entire business community and there are a lot of myths around it which should be decoded and simplified for every possible stakeholder. Being a believer of inclusive growth in every sphere of life, he wanted to adopt the same even in the journey of this law and hence decided to work on a book that could be used by people outside the legal fraternity especially stakeholders who are directly impacted.
Inspiration behind the title
In the judgment of Swiss Ribbons Vs Union of India wherein the constitutionality of the IBC, 2016 was challenged; while upholding the same Hon’ble Justice R F Nariman remarked that ‘The defaulter‘s paradise is lost. In its place, the economy‘s rightful position has been regained’. This quote has been Anant’s inspiration to let the people of this country know that Indian laws can be extremely effective and have the capacity of changing human behaviour when implemented strongly.