SOME SPEED BUMPS ON THE WAY

Lack of awareness of the law among stakeholders

Challenges in raising interim working capital

Need for greater support from operational creditors and committee of creditors (CoC) to keep the business going

The Code needs to be aligned with the existing laws, such as the Companies Act, Sebi regulations, the Income Tax Act, to speed up resolution plan approval

Resolution professionals need legal protection and insurance cover

Absence of cross-border insolvency laws could lessen the Code’s effectiveness