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...Nevertheless, in the year past, much has transpired on the insolvency reform front, including a new Insolvency Code and asset reconstruction licences, and the Bankruptcy Board’s arrival with a bang. The orientation towards action is positive, and speaks of a refusal to permit the “perfect to be the enemy of the good”. Of course, the accompanying risk of initially missing something is greater, and requires a delicate balance, responsively addressing such lacunae without unduly increasing uncertainty. A shrill ring: primacy of the new Insolvency Code and NCLT a must The National Company Law Tribunal (NCLT)’s recent interim order—in the very first bankruptcy petition brought under the new Code—has just sounded such a gong, and calls for a “course correction”. The episode harks right back to the history of stalling tactics and pillaging from banks that India seeks to elude. ...Live Mint on Jan. 4, 2017, 1:38 a.m.