In 2016, India introduced the Insolvency and Bankruptcy Code. Due to its effective implementation, green shoots have already emerged. However, concerns remain about its effectiveness and efficiency in some areas. We need to act with a sense of great urgency. While we need to keep a firm grip on implementation of the Code, we should not miss the opportunity to convert the crisis created by Covid-19 and the recent global geo-political developments, into an opportunity to leap forward. Time has arrived to develop a restructuring market that inspires the confidence of international companies and investors. For this we need to review the insolvency system constantly, by innovation that builds in new global standards that become benchmark for other systems within and outside the country.

For this, we need constant out of the box thinking by a body of thinkers, visionaries, experts, academics and practitioners, who are not only abreast but ahead of the market developments to offer solutions to the challenges and issues that arise in implementation of the Code, and who can constantly provide the policy makers guidance on futuristic reforms.

Independent institutions are needed which can prepare the foreground for addressing the next generation reforms, assist the government and regulator in making evidence based policy choices, legislative changes and implementation. Implementation of cross border insolvency law, introduction of mediation and readying for the individual insolvency and bankruptcy law would require deep thinking. Torch bearers are needed to provide research and policy support in these areas. In parallel, the capacity of market players needs to be upgraded constantly to deal with these dynamics. The country urgently needs institutions that can anchor and support the Prime Minister in fulfilling this national goal of the new India. The Insolvency Law Academy has been conceived as one such premier institution.