Journal of Corporate Affairs “Praxis: where theory meets practice” Annual Publication of Indian Institute of Corporate Affiairs Volume - 1 | Issue - 1 content MANAGING BOARD MESSAGE FROM THE PATRON NOTE FROM THE ISSUE EDITOR ARTICLES Optimizing Insolvency Resolutions - from the Lens of a Practitioner 1 Anurag Das Guarantors and Guarantees under the Insolvency & Bankruptcy Code, 2016 - Contemporary Developments 17 Aparna Ravi An Analysis of the Insolvency and Bankruptcy code via the Lens of Behavioural Economics 29 Dr. Anuradha Guru Creditor Rights under the Insolvency & Bankruptcy Code, 2016 45 Nikhil Shah, Khushboo Vaish & Anshul Dhanuka Debt Default, Recovery and Resolution in a Pandemic : What to Expect in the new Normal 69 Bhargavi Zaveri PMLA Actions against Company Property during the CIRP 79 Misha & Shreya Prakash Fresh Start Policy : An Ephemeral Palliative or an Enduring Rescue Mechanism 91 Urvashi Shahi Welcoming Seminal Shift from Acrimonious Disputes to Mediation : Painting the Insolvency Canvas in White Texture 101 Rishika Jain & Daksh Aggarwal Green Bonds : An Instrument for Financing a Sustainable Future 137 Dr. S.K. Gupta Book Review : Dr. Sameer Sharma's “Text Book on Urban Planning and Geography” 166 Dr. Neeti Shikha 2 content MANAGING BOARD MESSAGE FROM THE PATRON NOTE FROM THE ISSUE EDITOR ARTICLES Optimizing Insolvency Resolutions - from the Lens of a Practitioner 1 Anurag Das Guarantors and Guarantees under the Insolvency & Bankruptcy Code, 2016 - Contemporary Developments 17 Aparna Ravi An Analysis of the Insolvency and Bankruptcy code via the Lens of Behavioural Economics 29 Dr. Anuradha Guru Creditor Rights under the Insolvency & Bankruptcy Code, 2016 45 Nikhil Shah, Khushboo Vaish & Anshul Dhanuka Debt Default, Recovery and Resolution in a Pandemic : What to Expect in the new Normal 69 Bhargavi Zaveri PMLA Actions against Company Property during the CIRP 79 Misha & Shreya Prakash Fresh Start Policy : An Ephemeral Palliative or an Enduring Rescue Mechanism 91 Urvashi Shahi Welcoming Seminal Shift from Acrimonious Disputes to Mediation : Painting the Insolvency Canvas in White Texture 101 Rishika Jain & Daksh Aggarwal Green Bonds : An Instrument for Financing a Sustainable Future 137 Dr. S.K. Gupta Book Review : Dr. Sameer Sharma's “Text Book on Urban Planning and Geography” 166 Dr. Neeti Shikha 2 Journal of Corporate Affairs - 2021 Managing Board l Patron - Dr. Sameer Sharma, DG & CEO, IICA l Managing Editor - Dr. Niraj Gupta l Issue Editor - Dr. Neeti Shikha l Executive Editor (Publishing Coordination) – Dr. Lata Suresh, Head, KRC, IICA Advisory Committee Internal Members l Chair Professor - IEPFA, Dr. K N Singh l Chair Professor - RBI Shri. Sarat Malik l Chair Professor - IBBI l Chair Professor - CCI External members l Prof Ranvir Singh, VC , NLU, New Delhi (Academician Category) l Prof Venkata Rao, ex VC, NLU, Bangalore (Academician Category) l Mr U. K Sinha, Ex Chairman SEBI ( Industry Category) l Mr Vinod Kumar Dhall, Ex Chairman, CCI ( Industry Category) Journal of Corporate Affairs - 2021 Managing Board l Patron - Dr. Sameer Sharma, DG & CEO, IICA l Managing Editor - Dr. Niraj Gupta l Issue Editor - Dr. Neeti Shikha l Executive Editor (Publishing Coordination) – Dr. Lata Suresh, Head, KRC, IICA Advisory Committee Internal Members l Chair Professor - IEPFA, Dr. K N Singh l Chair Professor - RBI Shri. Sarat Malik l Chair Professor - IBBI l Chair Professor - CCI External members l Prof Ranvir Singh, VC , NLU, New Delhi (Academician Category) l Prof Venkata Rao, ex VC, NLU, Bangalore (Academician Category) l Mr U. K Sinha, Ex Chairman SEBI ( Industry Category) l Mr Vinod Kumar Dhall, Ex Chairman, CCI ( Industry Category) Journal of Corporate Affairs - 2021 MESSAGE FROM THE PATRON for the inaugural issue As an institute, we try to anticipate and meet needs of learners in a way no one else does. Our values are based on what we bring to our classes by combining theory and practice through a unique learning model called the IICA way of learning. The unique way of learning unlocks the growth potential residing in every learner. The IICA way of learning compels us to be agile, engage in constant exploration and prevents us from being complacent. Through this way of learning we handcraft the next phase of the career growth of participants. Encouraging research scholarship is a natural progression to our way of learning. Well-conducted research is vital to the success of research think tank. Not only does research form the foundation of program development and policies all over the world, but it can also be translated into effective training programs. Research draws its power from the fact that it is novel, empirical and contemporary. It should not merely theorize about what might be effective or what could work. Research should be deeply investigated and should be data driven so as to give policymakers hard data on which they can base their decisions. Furthermore, good research utilizes methodologies that can be replicated, produces results that are examinable by peers, and creates knowledge that can be applied to real-world situations. The Journal of Corporate Affairs (JCA) aims to establish itself as a reputed publication of IICA with scholarly research contributions of academia and industry professionals in the domain of Corporate Affairs. We hope to contribute to the development of corporate affairs by focusing on applied research and practice that focuses on, and straddles across, the disciplines of corporate governance, competition law, market regulation, valuation financial capability of investors, ESG and corporate governance (e.g. CSR, BHR etc) and emerging eco-system of insolvency and bankruptcy. It is one of its kind of Journal that focuses on various paradigm of corporate affairs including competition and market regulation, insolvency and bankruptcy, independent directors, valuation and application of technology to Journal of Corporate Affairs - 2021 MESSAGE FROM THE PATRON for the inaugural issue As an institute, we try to anticipate and meet needs of learners in a way no one else does. Our values are based on what we bring to our classes by combining theory and practice through a unique learning model called the IICA way of learning. The unique way of learning unlocks the growth potential residing in every learner. The IICA way of learning compels us to be agile, engage in constant exploration and prevents us from being complacent. Through this way of learning we handcraft the next phase of the career growth of participants. Encouraging research scholarship is a natural progression to our way of learning. Well-conducted research is vital to the success of research think tank. Not only does research form the foundation of program development and policies all over the world, but it can also be translated into effective training programs. Research draws its power from the fact that it is novel, empirical and contemporary. It should not merely theorize about what might be effective or what could work. Research should be deeply investigated and should be data driven so as to give policymakers hard data on which they can base their decisions. Furthermore, good research utilizes methodologies that can be replicated, produces results that are examinable by peers, and creates knowledge that can be applied to real-world situations. The Journal of Corporate Affairs (JCA) aims to establish itself as a reputed publication of IICA with scholarly research contributions of academia and industry professionals in the domain of Corporate Affairs. We hope to contribute to the development of corporate affairs by focusing on applied research and practice that focuses on, and straddles across, the disciplines of corporate governance, competition law, market regulation, valuation financial capability of investors, ESG and corporate governance (e.g. CSR, BHR etc) and emerging eco-system of insolvency and bankruptcy. It is one of its kind of Journal that focuses on various paradigm of corporate affairs including competition and market regulation, insolvency and bankruptcy, independent directors, valuation and application of technology to Journal of Corporate Affairs - 2021 NOTE FROM THE ISSUE EDITOR financial reporting, business human rights, building financial capability of In the past few years, research in India has gained considerable traction, as it has investors, valuation, corporate social responsibility and developing an Indian elsewhere around the world. This journal aims to champion public discourse in way of corporate governance. the area of corporate affairs that can drive evidence-based policy changes in the country. The Journal will cater to the professionals working in the field of corporate affairs and governance by fostering 'Learning from practice to inform practice'. It will add voice to the academic discourse through its research and scholarship. I am confident that the Journal will emerge as one of the best scholarship in the Articles from various actors in the corporate legal sphere, including the field of corporate affairs in times to come. regulators, the judiciary, legal practitioners, and scholars offer an insight into the issues and challenges on the ground and lead to path-breaking reforms in the Sameer Sharma, PhD, DLitt Indian corporate arena. This journal makes a substantial and meaningful contribution to the literature in the field. We would like to thank all editorial board members of the Journal, reviewers, authors, and research staff at IICA for their encouragement. The aim of the journal is to meet the need for continuous discourse in corporate affairs and allied areas and to publish articles of excellence. As we believe that research has no borders, papers from many parts of the world are welcomed for publication in the journal. We are sure that our journal will provide top-quality original papers, articles, case reports, and book reviews that will continue to help everyone interested in pathology. We, again, hope that the journal will continue to be an important conduit for corporate affairs information on a very broad international level. For this edition, the focus has been on contemporary issues in insolvency laws in India.