The establishment of an insolvency law regime, according to Justice Ashok Bhushan, a former Judge of the Supreme Court and the current chairperson of the National Company Law Appellate Tribunal, is one of the two most significant changes to Indian legislative policy. The other is the introduction of the goods and services tax, which replaced numerous indirect taxes levied by the center and the states. “The prime minister himself is very keen and he has been following all developments”, said the NCLAT chairperson, “He also knows every aspect of the matter including shortfalls and modifications that need to be made.”

At the book launch for the second edition of A.K. Mittal's "Insolvency and Bankruptcy Code" published by Eastern Book Company, Justice Bhushan was invited to serve as the principal guest. Justice Rajiv Shakdher of the Delhi High Court was the special guest during the online book launch. Other prominent members of the legal community were also there.

Justice Bhushan said that the finance minister attended a two-day colloquium recently held by the Insolvency and Bankruptcy Board of India. “All shortcomings in the legislation were discussed and recommendations have been some submitted to the government to bring the necessary changes,” the former judge said. One of the most important topics at the event was the dues of operational creditors. “The maximum casualty is of the operational creditor who are at the very bottom of the distribution chain. The financial creditors take the major share, while the operational creditors get nothing,” Justice Bhushan explained, while highlighting the need for an amendment to Section 53 of the code. “The legislature may take a call on this. We hope that this year, we will have some more amendments in the code addressing the pertinent issues.”

The chairperson said that professionals were frequently "caught up" in "small things," which caused them to lose sight of the larger objective of the code, which is to assist distressed companies and maximise the overall wealth and welfare of the economy, when discussing the shortcomings of the insolvency architecture. He stated: “There should be a cadre of insolvency professionals so that they are accountable to a body. In fact, we have recommended that the government create a cadre and provide proper training and education. Competent professionals are likely to take insolvency resolution on the right track and prevent liquidation.”

Justice Shakdher stated that cross-border insolvency was one of India's issues in this regard. "India ranked poorly on a global assessment of business ease, which is why this code was introduced and the government was intent on promoting it. However, we have made little progress toward the goals set for 2016” The judge stated that the government was also debating the UNCITRAL recommendations. He advised, “Do not expect people or multinationals to invest in the country in a big way unless they are sure that there is easy access if the country fails.”