New Delhi: When the Insolvency and Bankruptcy Code (Amendment) Bill, 2025 was tabled in Parliament on 12 August, Joint Secretary in the Ministry of Corporate Affairs Anita Shah calls the moment “emotionally overwhelming.” It marked the culmination of a three-year journey — from her early days of learning the very basics of the IBC to steering one of the most comprehensive policy reviews the Code has seen since its inception.
Shah’s guiding principle throughout the process was clear: “Resolution first; recovery is just a metric – and perhaps not even the right one.” For her, the challenge lay in ensuring that the IBC, a law designed to be dynamic, remained adaptable to economic realities. “If an economic law becomes static, it begins to die,” she notes.
When she assumed charge at the Ministry of Corporate Affairs in 2022, amendments to the IBC were already in discussion. A directive from the Prime Minister Narendra Modi for a holistic review transformed the process. A high-level colloquium followed, producing a discussion paper that drew over 1,800 comments from stakeholders. From there, the work became intense and inclusive — involving inter-ministerial consultations, coordination with regulators, and extensive engagement with industry and legal experts.
The drafting marathon that followed saw her team work through more than 45 versions of the Bill. Colleagues brought sharp perspectives — including those from finance, law, and regulatory spheres — and eminent members of the Insolvency Law Committee, alongside the RBI leadership, provided frank and valuable inputs. Consultants often went beyond the formal scope of work, contributing deeply to problem-solving and drafting.
By the end of 2024, Shah had gained not just an in-depth understanding of the IBC’s strengths and weaknesses, but also a renewed respect for the rigour of policymaking in government. “Every provision goes through multiple layers of scrutiny,” she says. “It’s this depth of examination that makes the system robust.”
The passage of the Bill, she believes, is a testament to the collective effort of policymakers, regulators, legal experts, and industry voices. “Three years of work, and I am so much richer for the experience,” she reflects.
Shah’s journey to this legislative milestone draws on nearly three decades of leadership across finance, corporate governance, and strategic sectors. A member of the Indian Audit & Accounts Service, she has served as Financial Advisor to the Nuclear Recycle Board, overseen major strategic projects in atomic energy, turned around loss-making PSUs, and brought sweeping digital reforms to the Tirumala Tirupati Devasthanam during her tenure there. Today, she wears multiple hats — Joint Secretary at the Ministry of Corporate Affairs, ex-officio Board Member of the Insolvency and Bankruptcy Board of India, and CEO of the Investor Education and Protection Fund Authority — all while shaping the future of India’s insolvency framework.
Her ability to meld strategic insight with operational execution, backed by academic excellence in both science and management, has given her what she calls “a vast canvas” on which to work. The IBC Amendment Bill, 2025 is the latest stroke on that canvas — one painted with collaboration, persistence, and a clear vision for India’s evolving economic landscape.
BI Bureau
