, Columnist
India's Bankruptcy Code Had Teeth. Now It's Got Dentures.
Faced with a high-profile test, the country’s revamped insolvency code is already on the brink of failure.
A high-profile test.
Photographer: Dhiraj Singh/BloombergThis article is for subscribers only.
Errant debtors are forever looking for ways to undermine creditor protection; but when lenders themselves start making a mockery of a fledgling insolvency law, nobody can save it.
That’s where India’s two-year-old bankruptcy regime is today, brought to the brink of irrelevance by the strain of resolving its most high-profile case: Essar Steel India Ltd.