Corporate insolvency resolution in India: Lessons from a cross-country comparison

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dc.contributor.author Sengupta, Rajeswari
dc.contributor.author Sharma, Anjali
dc.date.accessioned 2016-02-15T13:13:00Z
dc.date.available 2016-02-15T13:13:00Z
dc.date.issued 2015-12
dc.identifier.uri http://hdl.handle.net/2275/377
dc.description.abstract In this paper we analyse the corporate insolvency resolution procedures of India, UK and Singapore within a common framework of well-specified principles. India at present lacks a single, comprehensive law that addresses all aspects of insolvency of an enterprise. The presence of multiple laws and adjudication fora has created opportunities for debtor firms to exploit the arbitrage between the systems to frustrate recovery efforts of creditors. This also adversely impacts timeliness of the resolution process. While the importance of a well-functioning insolvency resolution framework can hardly be overstated, there is no single framework with well-defined rules laid out for organizing an efficient insolvency resolution process. Hence we undertake a cross-country comparison, the underlying motivation being to highlight the similarities as well as differences across the laws and procedures of the three countries. The objective is to learn important lessons for India, in context of the formation of the Bankruptcy Law Reforms Committee (BLRC) in 2014. The Committee has recently recommended an Insolvency and Bankruptcy Code that would be applicable to all non-financial corporations in India. en_US
dc.language.iso en en_US
dc.relation.ispartofseries WP;WP-2015-029
dc.subject Resolving insolvency en_US
dc.subject Liquidation en_US
dc.subject Reorganisation en_US
dc.subject Adjudicator en_US
dc.subject Loss given default en_US
dc.subject Recovery rate en_US
dc.subject Timeliness en_US
dc.subject Information system en_US
dc.title Corporate insolvency resolution in India: Lessons from a cross-country comparison en_US
dc.type Working Paper en_US

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