Bankruptcy Code: Hope IBC will start hearing cases from March 2021, says AZB’s Bahram Vakil

I am glad that Insolvency and Bankruptcy Code (IBC) has come through all the constitutional challenges, said Bahram Vakil, Founding Partner of AZB & Partners, on Wednesday. In a verdict that could pave the way for faster resolutions of bankruptcies, the Supreme Court on Tuesday upheld laws that protect new owners of insolvent companies from charges filed against the previous management.

Speaking in an interview to CNBC-TV18, Vakil said, “Unfortunately there are a lot of instances where the previous owners have done stuff that lends itself to criminal charges, and to be placed on the new owners makes no sense. So this is a good boost for IBC, for the process, and for the recovery of these assets.”

Therefore, Vakil said, hope IBC will start hearing cases from March 2021.