There is a need for second-generation IBC reforms, says Amitabh Kant

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There is a need for second-generation IBC reforms, says Amitabh Kant - Business Standard

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The CEA said that studies show the market has acknowledged the potential of firms in the post-resolution period.“The intrinsic merit of these firms remains and is restored in the resolution process.

Noting that the IBC has marked a significant shift in India's approach to financial distress, Kant said that NPAs are now at a historic low, bank balance sheets are robust, credit is growing at a healthy clip, and growth is back on track.

He said that improving the system’s efficiencies comes down to using innovative resolution rules, such as pre-pack arrangements for MSMEs, interdisciplinary capacity building of resolution professionals across legal, financial, and industry basics, and minimising judiciary delays in the proceedings.