The Insolvency and Bankruptcy Code (IBC) did not merely create a new insolvency procedure; it rewrote the legal economics of business failure in India. It replaced a regime of bureaucratic forbearance and endless rollovers with a structured, time-bound, and market-led framework to decide swiftly and transparently which firms merit revival and which must close.

At its core lay a transformative conviction: insolvency could serve as an opportunity for renewal. The resolution process is envisioned as a marketplace of ideas and strategies, where new entrepreneurs, investors, and managers could compete to repurpose distressed assets and return them to productive use. The goal is not just to save failing firms, but to create viable ones: to transform distress into discovery, and closure into con

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