With a new Insolvency and Bankruptcy Code that has become effective on 1 December 2016, India seeks to expedite the process for creditors seeking payment or foreclosure through the courts.

India is currently a tough place to be a creditor, especially an unsecured creditor. Multiple statutes and forums govern the current insolvency regime for corporations in India. A creditor seeking payment or foreclosure through the courts may have to wait over 10 years to obtain relief. The average time for an insolvency to be resolved in India is 4.3 years, as opposed to 1.5 years in the US and one year in the UK. India seeks to remedy this problem through a new Insolvency and Bankruptcy Code (the Code). Although the new Code is a good start, to effect real change, the government must follow up by establishing an infrastructure necessary to implement and enforce the Code, otherwise creditors may continue to struggle in India.