India’s Insolvency and Bankruptcy Code has transformed the creditor-debtor relationship

In June 2017, it directed lenders to initiate proceedings under the Code against 12 large corporate defaulters who owed over ₹5000 crore each. This included entities such as ABG Shipyard, Bhushan Power and Steel and Jaypee Infratech, clubbed together as the ‘Dirty Dozen.’ Then in August 2017, RBI issued a second list that included corporate houses like Videocon, IVRCL and Rochi Soya among others.