The five-year-old Insolvency and Bankruptcy Board of India (IBBI) recently created a flutter with its proposed code of conduct for committees of creditors (CoCs) under the Insolvency and Bankruptcy Code (IBC). While many, including government officials, feel that the IBBI acted out of its remit, the regulator is hopeful of issuing guidelines for CoCs by next month.

       This move has added to the growing concern around the role of the insolvency regulator and whether it has delivered the goods. Experts say while the regulator started with promise, the IBBI needs to get its focus back on ...