I really enjoyed reading the manuscripts of this book which is well researched and documented. What impressed me as I progressed through all the fifteen chapters is the readable style in which it is written unlike other standard black letter law commentaries on Acts of Parliament.The book offers a good balance between theoretical matters and practical issues, problems and possible solutions. I believe it can honestly be said that, in spite of the fact that this book is primarily intended for legal fraternity it will provide interesting and useful reading, not only to the lawyers and Judges but also to any person who has a role to play in the financial sector.

The Insolvency and Bankruptcy Code 2016 is a Jewel in the Indian Statute Book and signals the dawn of a new wave of legal reforms which uses Big Data Data Analytics, AI and other market indicators extensively to keep the law in tune with current economic and social realities. The Code is futuristic in design and can accommodate fast changing technological developments which has a lightening impact on the financial markets.

In this context I would now like to comment more specifically on a very important issue that is discussed by the author in Chapter 14 where he refers to

“the science of statistics as the chief instrument through which the progress of a civilization is now measured, and by which its development hereafter will be largely controlled. In a similar vein, the measurement of the growth of any new legislation, including the Insolvency and Bankruptcy Code, 2016 can best be gauged from the data and statistics compiled and maintained by the requisite depositories and databanks of the Government of India.”

The Code recognises this and is structured in such a way that datafication of credit information is readily available. By Datafication of information I refer to transforming words into data which unleashes numerous uses and possibilities and not merely digitisation of information from analog to digital medium. It is much more. To ‘datafy’ a phenomenon is to put it in a quantified format so it can be tabulated and analysed and made actionable. In order to capture quantifiable information, to datafy, we need to know how to measure and how to record what we measure. To exploit the potential of datafication the Central Government followed up with the amendments to the Insolvency and Bankruptcy Code and other enactments to address the information asymmetry which was the main hurdle in the revival of a firm in distress.

The leit motif of the Code is to shift the focus from the current business practice of raising finance through secured credit and bank-focused finance and to enable entrepreneurs to raise capital from the market to do business and to facilitate them to start afresh when the business fails and also to ensure that limited liability corporation is an essential tool for encouraging entrepreneurship in a free market.

This transition from an old bankruptcy Order to a new legal Order which focusses on revival of firms and enterprises requires unlearning and relearning on the part of lawyers and judges and is the crying need of the hour. This book will be a valuable source of information for all those practitioners whether as judges or as resolution professional or as lawyers in keeping themselves up to date on latest developments under the new Code.

As the Chairman of the Bankruptcy Law Reforms Committee (BLRC) it gives me immense pleasure to share my thoughts on this book which focusses on the new Jurisprudence which is rapidly evolving around the provisions of the land mark legislation of the century, the Insolvency and Bankruptcy Code 2016 and I congratulate Shri Anant Merathia and his team Poornima Devi, Dhanisha Giri and Srikanth Rao for coming out with this book and I commend this book not only to practitioners whether as judges or as resolution professional or as lawyers but also to the uninitiated into the subject to keep themselves up to date on latest developments under the new Code.

Insolvency and Bankruptcy Code (IBC) is the legislation much talked about amongst lawyers and businessmen. It was introduced to increase the confidence level of investors and for expeditious resolution or rehabilitation of any corporate entity that commits default in payment of debts. “Defaulter’s Paradise Lost”, authored by Sri Anant Merathia with his colleagues, deals with the passing of IBC and its growth. The book is not a commentary on the provisions of the statute, but is an analysis based on the concepts. The authors have divided the entire presentation into 15 chapters with appropriate headings and in-depth analysis of the concepts involved. The book also refers to a number of judicial precedents. The book is a very useful one for any student or practicing lawyer to get a basic understanding of the IBC law. I wish the authors all the success.

Anant Merathia has done yeoman service to all stakeholders in bringing out his book appropriately titled “Defaulters Paradise Lost”. In his book he has chronicled at great length the evolution and development of the IBC and its operation in different sectors. The developments in the law relating to the IBC both through periodical amendments and through a plethora of legal precedents have been brought out at great length. What is especially commendable is the chapter on the several practical issues in filing procedures and the IBC trigger, some of which are obviously drawn from his personal experience.

Kudos to Anant Merathia and his team for the excellent work done in this publication.

Anant Merathia’s book titled “Defaulter’s Paradise Lost” remarkably achieves its declared object of demystifying the Insolvency and Bankruptcy Code, 2016. To explicate the concepts, principles as well as the procedures attending the corporate insolvency in such a tidy volume with apt chapter headings and captions in an engaging narrative is no mean achievement. Anant’s scholarship and rich practical experience on the subject shines throughout the book, and particularly in his insights on the impact of the IBC framework in the stream of commerce. His examination of the fallout for One Time Settlements, guarantors and third-party professionals amongst other stakeholders, as well as the various roles played by an RP, make this book a useful tool for any professional who seeks to better understand the IBC framework. Looking forward to more contributions from the author.

The Book, “Defaulter’s Paradise Lost – Demystifying the Insolvency and Bankruptcy Code, 2016” is made available to me by my good friend, Mr. Anant Merathia, who has authored the same along with his team, Ms. Poornima Devi, Ms. Dhanisha Giri and Mr. Srikanth Rao.

I have the pleasure and privilege of perusing the masterpiece work on one of the most important economic legislations, The Insolvency and Bankruptcy Code, 2016 (IBC). The enactment is earmarked to be a gamechanger having impact in various spheres, be it for the country’s ease of doing business, promoting entrepreneurship, ensuring credit availability, legal professionals, industry, bankers, etc.

The six plus years of the said legislation has in fact changed the ground level in the adjudication and justice delivery system in so far as various stakeholders of the Corporate Insolvency Resolution Process are concerned. The other part of the legislation concerning personal insolvency is yet to see the light of day in entirety.

The Author of the Book have undertaken painstaking efforts in bringing out the fundamentals of the law, its implementation, its functionality / operation and the manner in which Corporate Insolvency Resolution Process is carried out.

The Book starts by touching upon the earlier regimes and proceeds to narrate the changes in the economic activities across multiple eras, starting with liberalization and brings to the reader the intent behind the present legislation. The Book provides a bird’s eye view of the enactment and seeks to place before the reader a precise framework of the Code. The driving factors of IBC are clearly set out for the reader to understand the object which the law seeks to achieve.

The Author and his team from thereon proceed to bring out the nuances of the key stakeholders in the entire process. While making us understand the different parameters, roles and the stakes which concern the stakeholders, the author and his team have in a very subtle manner given the following sub-headings, “The Epitome of Austerity”, “The Lords of the Fortress”, “The Deputy Beneficiaries”, “The Nerve Centres of the Corporate Debtor”, “The Power Centre”, “The Anchors”, “The Unintended Creditors”, “The Common Sharers of Liability” and “The Saviours?”. Having done so, the author and his team have also exhaustively dealt with each of such stakeholder by way of different chapters. In the process, the Book places before the reader the various pros and cons in the actions, responsibilities, and obligations in respect of each of such stakeholder.

A pre-emptive advisory is also provided to the promoters and personnel in management of the Corporate Debtor as to how to mitigate insolvency as well as the importance of extending their co-operation to facilitate a smooth corporate insolvency resolution.

There are chapters which exclusively deal with Insolvency Professionals and Resolution Applicants. The necessity of these two key players in upholding the integrity of the corporate insolvency resolution process is highlighted by referring to the numerous judgements of the Adjudicating Authority, Appellate Authority as well as by relying on principles derived by the Hon’ble Supreme Court including that of the ‘Clean Slate Theory’.

A debate is further ensued as to whether the legislation inclines towards resolution or liquidation in the processes set out by it.

The Book further seeks to address the emerging trends in insolvency resolution, including the pre-packaged insolvency resolution and issues concerning the same. A much-anticipated insight has been given to the process relating to personal guarantors, which as on date is yet to take a complete shape.

In the concluding chapters of the Book, the author and his team bring to the fore the evolution of the Code from its inception till date as well as the path to be paved ahead.

On a precursory reading of the Book, it is my view that every person who seeks to understand the IBC or looks forward to having a role in the same, be it legal professionals, insolvency professionals, bankers, other creditors, etc. ought to go through this Book. I am sure that this book would become a guide in everyone’s hand for the understanding of IBC.

Pivotal case laws on the IBC have been elucidated in a very brief and apt manner referred throughout the Book and such references are of immense help to the readers to better understand the various concepts that are covered.

The Book would be an all-rounded, excellent reference guide on the subject and the authors in a laborious manner have ensured that all the nitty-gritty in the implementation of the Code have been addressed.

The Book is loaded with various statistical data, illustrative diagrams and facts relating to corporates which had undergone the corporate insolvency resolution process. The author and his team make it a point to be critical in areas which require to be set out, such as the unfortunate situation of the operational creditors, the big-brotherly conduct and attitude of financial creditors, and the roles which need to be played by independent stakeholders with credibility and accountability.

The Book ends with an interview of Dr. M.S.Sahoo, the first Chairman of the Insolvency and Bankruptcy Code of India (IBBI) as to his thoughtful contributions for the law to evolve.

I wish my friend, Mr. Anant Merathia, Advocate, as well as his team, Ms. Poornima Devi, Ms. Dhanisha Giri and Mr. Srikanth Rao, a resounding success and look forward for more such academic contribution to law.

To ferret out the essence of a niche branch of law and piece it all together in a ready reckoner calls for domain expertise of the highest order. Anant Merathia has simplified the complex and evolving Insolvency & Bankruptcy Code with aplomb. It’s a boon to not just lawyers and litigants but also students who grapple with the nitty gritty of this area. The Author deserves encomiums for contributing to the ‘March of Law’.

It was a great learning experience going through the book titled “Defaulters’ Paradise Lost”. The author Shri Anant Merathia demonstrates his mastery over the subject in the book. His erudite comments and examples are indeed impressive.

Having faced ₹ 9 Lakh Crore NPA, the Government decided to overhaul the then existing system and replace it with the “Insolvency and Bankruptcy Code” in December, 2016. The law has undergone several changes and interpretations in the last few years.

The Author offers very valuable advice to business families when he warns about giving ‘Personal Guarantees’ especially by family members who are not involved in the management of the business.

Anant pleads for proper documentation to be created and maintained for business transactions including those involving trade credit and unsecured lending as the lack of these have been a huge challenge for businesses to seek appropriate reliefs in Courts of law.

Anant Merathia has provided his valuable insights with many practical suggestions based on his own experience in advising SME’s and mid-sized corporations over the years. The Book is certainly a reference point for businesses who want to have a practical understanding of the subject.

The book titled “Defaulter’s Paradise Lost” authored by Mr Anant Merathia provides a comprehensive coverage on how the “Insolvency and Bankruptcy Code (IBC)” operates. Besides tracing the origin and genesis of IBC, the book delineates various issues arising in the implementation of the Code and provides a practical approach from the perspective of different stakeholders such as the Corporate Debtor, Operational Creditors, Financial Creditors, Employees. The book lucidly outlines the process and procedure for Insolvency for Personal Guarantors as well effectively deals with the rights of Promoters as well as the duties of the Insolvency professional. This book would serve as a ready reference and guide for all those who get covered within the IBC framework.

Anant has summarised the 7 year journey of the IBC in India very well. How a mature law is impacting its various constituents who need to in some form live upto the levels of sophistication of the law. The issues around India being a predominantly promoter driven economy and the conflicts that IBC imposes on them seem to be an impediment in its true implementation. The dilemma of the Insolvency professional, the most regulated and the least empowered has been dealt with well. The need for attracting better skills and understanding of their issues by the regulator is paramount. The way forward is also well captured with Prepack insolvencies on the anvil. Taking a clue from the Swiss Ribbons judgement, the book covers the past, the present issues and the future well.

“The book is very timely given the evolving jurisprudence on insolvency laws in India. It traces the impact of the law on various stakeholders. There has been a lot of noise around issues faced by creditors and other stakeholders, the delay, and other challenges. The book puts all the noise to rest by offering a deep evaluation of such issues.

The discussions are thought-provoking, engaging, and in simple language. Congratulations to the author for simplifying the complex insolvency issues for the common man’s understanding.”

The introduction of the Insolvency and Bankruptcy Code has changed the legal framework by which financially sick companies were rehabilitated or restructured in the earlier regimes. This new law ensures that the process is relatively faster and more transparent with a larger participation of stakeholders. The shift in approach has been beautifully captured by Mr Anant Merathia amongst a host of other complex issues which have been broken down in a lucid manner.

The book takes a unique and practical approach towards the understanding of the law making it simple to understand, especially with the aid and examples of real-life cases and scenarios. Each stakeholders’ issues have been identified separately making it simpler to read. Multiple takeaways for the business community are indeed a bonus.

The attempt by the author and his team to converge law, economics and business is worthy of the highest level of appreciation.

Mr. Anant Merathia’s “Defaulters Paradise Lost” is a paragon text on the subject combining academic points of law & concepts along with the practical issues faced while navigating through the law. It is commendable to see a specific chapter dedicated to RP’s and the challenges that they face. The in-depth analysis of a host of issues faced by the IP community along with his valuable insights would be of great help for insolvency professionals. The concepts are put across in a clear & succinct manner which makes it easy to comprehend for the reader. The stakeholder wise approach makes this book an instant ready reference for all personnel connected or affected by the IBC, as it is a first of its kind approach in this sphere of law.

This is a very useful book for those who need an introduction to what can be a complex area of the law. Mr Merathia has explained the new Insolvency and Bankruptcy Code in a manner that can be grasped even by people with little familiarity with the Indian legal system. This includes practitioners from other jurisdictions like myself. In particular, the practical experience of the author shows through, so that this book is not just a theoretical text but rather a guide to how the real world of insolvency functions in India.

The IBC ushered in a new era in India’s restructuring and insolvency landscape. Anant Merathia masterfully traverses the complexities of the new restructuring and insolvency processes and identifies the practical issues that matter for key stakeholders and their advisors. This book is an excellent resource for foreign lawyers seeking to obtain a working knowledge of the insolvency system in a region of rapid growth in cross-border investment and insolvency practice.

This book makes essential reading to any insolvency practitioner and is especially helpful to a foreign lawyer who would like to acquaint themself with the Indian corporate insolvency legal ecosystem. The launch of this book also coincides with the liberalisation of the Indian legal market to foreign lawyers.

At a time when geographical borders between countries are increasingly reduced and there is great interest with investment opportunities coming out of India, there will be a greater level of interaction in trade and commerce.

As a foreign practitioner, with triple jurisdiction qualifications, this book will be a valuable tool to empower me to advise clients having business connections and interest in India

An excellent, practical and very useful analysis of a very important field of law.

With the huge growth of business in South- East Asia generally, the importance of knowing how the laws of various countries operate is more important than ever. It is very good to see that Anant Merathia has written a book containing a detailed review of the Insolvency and Bankruptcy laws of India.

In his book, Mr Merathia provides a close analysis of not just the laws in this area, but also details a variety of practical issues which practitioners and clients may face which means his book is not just a technical explanation of the laws but a useful reference work for day to day use. I think it will be a publication of real assistance to all legal practitioners who work in the insolvency area but will also provide a ready guide to in- house counsel, bankers, accountants and financial advisers.

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