Wednesday, August 12, 2020

Hospitals afire: on lack of safety in health-care centres

 

Health-care centres lack fire safety because governments pay lip service to regulation


he shocking deaths of at least 19 people in special facilities for COVID-19 management in Vijayawada and Ahmedabad have exposed the deep rot in regulatory processes for institutional and commercial building safety. While 11 died in the Andhra Pradesh incident, where a hotel had been taken over by a private hospital to run a COVID-19 care centre, nine patients perished in the blaze in a Gujarat hospital intensive care unit (ICU). These ghastly incidents which claimed the lives of those who were getting treatment or recovering from an infection in supposedly secure conditions lay bare the lack of preparedness among States to manage the expanding pandemic, and hasty contracting procedures. In a familiar pattern, civic and fire authorities who were expected to monitor the safety of such buildings have sought to pin responsibility for the carnage on the owners of the properties. They are being held responsible for failure to obtain a no objection certificate or, in the case of the hotel-turned-COVID-19 care centre, carrying out electrical upgrades for safety. This is clearly untenable, as the Supreme Court of India observed about a decade ago in the Uphaar cinema fire tragedy case in Delhi, pulling up authorities including the Union Home Ministry for abdicating responsibility and passing the buck on to the management of the institution. In the Ahmedabad ICU blaze, patients expected the institution to offer the highest levels of safety, but suffered as it was ill-equipped to fight a fire.

Safety regulation of buildings used for health-care delivery is a subset of the overall need to regulate hospitals, and States should use the recent deadly fires as the occasion to launch much-delayed reform. In the absence of safety systems, many died of fire and smoke inhalation, while those who survived had nothing but luck to count on. This situation cannot be allowed to continue. The National Building Code of India, with additional fire safety provisions for hospitals, is the basis for hospital accreditation systems, but these should be made mandatory and enforced in all States. If smoke alarms and sprinkler systems, along with local fire-fighting aids are available, loss of life can be eliminated. All patients should also be covered by substantial life insurance. Evacuation systems for ICU patients need to be part of the building design. Often, hospital buildings are regularised for unapproved constructions by State governments acting thoughtlessly. Schemes introduced to regularise building violations are clearly anti-social in character. The many fires in institutional buildings and their terrible toll should lead to a full inspection of all such facilities for safety, with civil society keeping up the pressure on governments to act.

Just closure: On Italian marines case

 

The focus must be on adequate compensation for families of fishermen killed by marines


t may seem pragmatic to keep any pending litigation alive until all dues relating to it are paid and all legal issues are settled. However, it is somewhat puzzling that the Supreme Court of India has said it would keep the Italian marines’ case alive until “hefty” and “adequate” compensation is paid by Italy for the killing of two fishermen by its marines on February 15, 2012. The Court has indicated that it would not allow the closure of the trial until such compensation is paid. And it has ordered that the families of the victims be heard on this matter. Once the Union government has declared that it would abide by the ruling of the Permanent Court of Arbitration (PCA) at The Hague, which granted immunity to the marines and favoured Italy as the appropriate jurisdiction where they could be tried for the crime, it does not seem proper to delay the process of bringing closure to the matter. For one thing, the PCA, an arbitral tribunal that adjudicates disputes under the United Nations Convention on the Law of the Sea (UNCLOS), has itself ruled that India is entitled to compensation for “loss of life, physical harm, material damage to property... and moral harm suffered by” the captain and crew members of St. Antony, the fishing vessel involved, and mandated negotiations on the quantum. Second, it hardly needs emphasis that the pendency of the matter in court should not become a bargaining point that delays the reaching of a fair settlement. Continuing hearings may also be seen as India being reluctant to cease all criminal proceedings against the marines as per the ruling.

The Court’s resolve to obtain adequate and hefty compensation for the families of the victims is welcome, though it would be difficult to have a judicial determination of what quantum would satisfy these requirements. The Centre may have approached the top court for formal permission to close the pending trial proceedings as a matter of abundant caution. But as far as the law goes, it could have approached the trial court itself through the public prosecutor for withdrawal from prosecution under Section 321 of the CrPC. Too many legal tangles have already caused enough diplomatic rupture in the progression of the Enrica Lexie-St. Antony case since 2012. Article 253 of the Constitution, which says Parliament may enact a law to give effect to any international treaty or convention, has been cited to argue that in view of the arbitral court’s finding on jurisdiction being in conflict with the Supreme Court’s ruling in 2013 that the Union government alone can try the case, a law may be needed before the trial is closed. This is just needless quibbling as the conflict has ceased after India agreed to abide by the tribunal’s ruling in keeping with its obligations under UNCLOS. India’s focus should now be on negotiating for compensation and ensuring a purposive criminal trial in Italy.

Rajasthan lessons: On Congress truce

 

If the truce in the Congress is to endure, both factions must mend their ways


The crisis in the Congress in Rajasthan that nearly brought down the government led by Chief Minister Ashok Gehlot has blown over. The group led by Sachin Pilot has reiterated its loyalty to the party, though the stand-off cost him the posts of Deputy Chief Minister and State party chief. The truce is an outcome of the realisation on both sides that their positions had become self-destructive and unsustainable. Mr. Gehlot faced the risk of losing the government, while Mr. Pilot stared at the unnerving prospect of a life outside the Congress. The turmoil in Rajasthan has also been yet another occasion to note with deep concern the tendency of the judiciary to overstep its remit set by law, brazen partisanship of the Governor, and misuse of central agencies to tilt the political balance. The crisis was primarily internal to the Congress, but the Bharatiya Janata Party’s maximalist approach to capture power at all costs was evident. The unseemly power struggle had derailed governance in the State in the midst of a pandemic. Now that a settlement has been reached, the Centre and the State, the Bharatiya Janata Party and all sections within the ruling party must come together to combat the pandemic.

The Congress is facing the most severe crisis in its history and it cannot afford any complacency in keeping its house in order. The party is constantly at the receiving end of the Bharatiya Janata Party’s relentless onslaught and in March it lost the government in Madhya Pradesh, which it had won in 2018 along with Rajasthan and Chhattisgarh. According to Mr. Gehlot’s own admission, there was no communication between him and Mr. Pilot ever since the formation of the government in 2018. That is a sad commentary on the party. Mr. Pilot has said he resorted to rebellion only after his grievances went unheeded. This brinkmanship might have taught them both, and the party’s central leadership, some lessons for the future. The resolution of the crisis took the intervention of former Congress President Rahul Gandhi, who commands the loyalty of both. He could have resolved it earlier or even preempted the crisis altogether. There is no single model for running a political party, but the nature, history and character of the Congress impel it to be consultative and deliberative in its internal and external conduct. As Rajasthan demonstrated, Mr. Gandhi has a role to play in facilitating this. Mr. Gandhi has been focused on building a critique of the Bharatiya Janata Party and its government but such politics will be effective only when reinforced by a strong organisation. He has strong opinions on what the Congress should ideally be, but he has no option but to start with what it currently is.

Tuesday, June 9, 2020

What is the Heisenberg Uncertainty Principle?

Heisenberg Uncertainty Principle Formula and Application
If, ∆x is the error in position measurement and ∆p is the error in the measurement of momentum, then

∆X  ×  ∆p  ≥  \frac{h}{4\pi } 
h
 

Since momentum, p = mv, Heisenberg’s uncertainty principle formula can be alternatively written as-

∆X  ×  ∆mv  ≥  \frac{h}{4\pi } 
h
  or    ∆X  ×  ∆m × ∆v  ≥  \frac{h}{4\pi } 
h
 

Where, ∆V is the error in the measurement of velocity and assuming mass remaining constant during the experiment,

∆X  ×  ∆V  ≥   \frac{h}{4\pi m} 
4πm
h
  .

Accurate measurement of position or momentum automatically indicates larger uncertainty (error) in the measurement of the other quantity.

Applying the Heisenberg principle to an electron in an orbit of an atom, with h = 6.626 ×10-34Js and m= 9.11 ×10-31Kg,

∆X ×  ∆V  ≥ \frac{6.626\times {{10}^{-34}}}{4\times 3.14\times 9.11\times {{10}^{-31}}} 
4×3.14×9.11×10 
−31
 
6.626×10 
−34
 
  = 10-4 m2 s-1.

If the position of the electron is measured accurately to its size (10-10m), then the error in the measurement of its velocity will be equal or larger than 106m or 1000Km.

Heisenberg principle applies to only dual-natured microscopic particles and not to a macroscopic particle whose wave nature is very small.

Also Read: de Broglie Equation

Explaining Heisenberg Uncertainty Principle With An Example
Electromagnetic radiations and microscopic matter waves exhibit a dual nature of mass/ momentum and wave character. Position and velocity/momentum of macroscopic matter waves can be determined accurately, simultaneously. For example, the location and speed of a moving car can be determined at the same time, with minimum error. But, in microscopic particles, it will not be possible to fix the position and measure the velocity/momentum of the particle simultaneously.

An electron in an atom has a mass of 9.91 × 10-31Kg. Naked eyes will not see such small particles. A powerful light may collide with the electron and illuminate it. Illumination helps in identifying and measuring the position of the electron. The collision of the powerful light source, while helping in identification increases the momentum of the electron and makes it move away from the initial position. Thus, when fixing the position, velocity /momentum of the particle would have changed from the original value. Hence when the position is exact, error occurs in the measurement of velocity or momentum. In the same way, the measurement of momentum accurately will change the position.

Hence, at any point in time, either position or momentum can only be measured accurately.

Simultaneous measurement of both of them will have an error in both position and momentum. Heisenberg quantified the error in the measurement of both position and momentum at the same time.

Heisenberg’s γ-ray Microscope
A striking thought experiment illustrating the uncertainty principle is Bohr’s / Heisenberg’s Gamma-ray microscope. To observe a particle, say an electron, we shine it with the light ray of wavelength λ and collect the Compton scattered light in a microscope objective whose diameter subtends an angle θ with the electron as shown in the figure below

Heisenberg’s γ-ray Microscope
The precision with which the electron can be located, Delta x, is defined by the resolving power of the microscope,

sin \theta =\frac{\lambda }{\Delta x}\Rightarrow \Delta x=\frac{\lambda }{sin \theta }sinθ= 
Δx
λ
 ⇒Δx= 
sinθ
λ
 

It appears that by making λ small, that is why we choose γ-ray, and by making sin θ large, Delta x can be made as small as desired. But, according to the uncertainty principle, we can do so only at the expense of our knowledge of x-component of electron momentum.

In order to record the Compton scattered photon by the microscope, the photon must stay in the cone of angle θ and hence its x-component of the momentum can vary within ±(h/λ) sin θ. This implies, the magnitude of the recoil momentum of the electron is uncertain by

\Delta p_{x}=\frac{2h}{\lambda }sin \thetaΔp 
x
 = 
λ
2h
 sinθ

The product of the uncertainty yields,

\Delta x\Delta p_{x}=\frac{\lambda }{sin \theta }\frac{2h}{\lambda }sin \theta =4\pi hΔxΔp 
x
 = 
sinθ
λ
  
λ
2h
 sinθ=4πh

Is Heisenberg’s Uncertainty Principle Noticeable in All Matter Waves?
Heisenberg’s principle is applicable to all matter waves. The measurement error of any two conjugate properties, whose dimensions happen to be joule sec, like position-momentum, time-energy will be guided by the Heisenberg’s value.

But, it will be noticeable and of significance only for small particles like an electron with very low mass. A bigger particle with heavy mass will show the error to be very small and negligible.

Heisenberg Uncertainty Principle Equations
Heisenberg’s uncertainty principle can be considered as a very precise mathematical statement that describes the nature of quantum systems. As such, we often consider two common equations related to the uncertainty principle. They are;

Equation 1: ∆X ⋅ ∆p ~ ħ

Equation 2:  ∆E ⋅ ∆t ~ ħ

Where,

ħ = value of the Planck’s constant divided by 2*pi
∆X = uncertainty in the position
∆p = uncertainty in momentum
∆E = uncertainty in the energy
∆t = uncertainty in time measurement

Heisenberg Uncertainty Principle Problems With Solutions
1. If the position of the electron is measured within an accuracy of + 0.002 nm, calculate the uncertainty in the momentum of the electron. Suppose the momentum of the electron is h / 4pm × 0.05 nm, is there any problem in defining this value.

a) ∆x = 2×10-12m; ∆X  ×  ∆mV  ≥  \frac{h}{4\pi } 
h
  = \frac{6.626\times {{10}^{-34}}}{4\times 3.14} 
4×3.14
6.626×10 
−34
 
 

⸪    ∆mV  ≥   \frac{h}{4\pi \Delta x} 
4πΔx
h
  ≥ \frac{6.626\times {{10}^{-34}}}{4\times 3.14\times 2\times {{10}^{-12}}}\, 
4×3.14×2×10 
−12
 
6.626×10 
−34
 
  = 2.64 × 10-23 Kg m s-1

b) Momentum mv = \,\frac{h\times 5\times {{10}^{-11}}}{4\times {{10}^{-12}}}=\frac{6.626\times {{10}^{-34}}\times 5\times {{10}^{-11}}}{4\times {{10}^{-12}}}\,\, 
4×10 
−12
 
h×5×10 
−11
 
 = 
4×10 
−12
 
6.626×10 
−34
 ×5×10 
−11
 
  = 28 × 10-33

Error in momentum measurement is 1010 times larger than the actual momentum. The given momentum will not be acceptable.

2. Position of a chloride ion on a material can be determined to a maximum error of 1μm. If the mass of the chloride ion is 5.86 × 10-26Kg, what will be the error in its velocity measurement?

∆x =  10-6 m; ∆X  ×  ∆mV  ≥ \frac{h}{4\pi } 
h
  = \,\frac{6.626\times {{10}^{-34}}}{4\times 3.14} 
4×3.14
6.626×10 
−34
 
    = 5.28×10-35Js

⸪    ∆V ≥ \,\frac{h}{4\pi m\Delta x}\ge \frac{6.626\times {{10}^{-34}}}{4\times 3.14\times 5.86\times {{10}^{-26}}\times {{10}^{-6}}}\, 
4πmΔx
h
 ≥ 
4×3.14×5.86×10 
−26
 ×10 
−6
 
6.626×10 
−34
 
  = 9  × 10-4m s-1

3. The lifetime of an excited state of an atom is 3 × 10-3s. What is the minimum uncertainty in its energy in eV?

Time and energy are conjugate pairs with Js unit. The product of measurement error is given by Heisenberg’s principle.

∆t  ×  ∆E  ≥   \frac{h}{4\pi } 
h
  =   \,\frac{6.626\times {{10}^{-34}}}{4\times 3.14} 
4×3.14
6.626×10 
−34
 
  = 5.28×10-35Js

Assuming a maximum error in the measurement of lifetime equal to that of lifetime = 3 ×10-3s

∆E  ≥   \,\frac{h}{4\pi m\Delta x}=\frac{1}{3\times {{10}^{-3}}}\,\, 
4πmΔx
h
 = 
3×10 
−3
 
1
   × 5.28×10-35J

⸪ 1 Joule = 6.242 × 1018ev,

Uncertainty in the determination of energy of the atom = ∆E = 6.22 × 1018 ×  \frac{1}{3\times {{10}^{-3}}}\, 
3×10 
−3
 
1
  × 5.28 ×10-35

= 1.1×10-13

Thursday, May 21, 2020

2-metre distance may not be enough:Sir Riko Mahato


Droplets of saliva can travel as far as six metres even in low wind speeds of 4kmph, a new study has found, indicating that current social distancing guidelines of two metres may be insufficient to stop a Covid-19 patient from transmitting the disease.

The study, published in the Physics of Fluids journal under the American Institute of Physics, used a three-dimensional model to investigate the transport, dispersion, and evaporation of saliva particles from human cough.

The scientists found that when the wind speed is approximately zero, the saliva droplets did not travel 2 metres, which is well within the social distancing recommendations.

“Even with a slight breeze of 4 km/h, saliva travels 6 metres in five seconds. Therefore, depending on the environmental conditions, the 2 m social distance may not be sufficient, so crowed places will be affected,” said Dimitris Drikakis, co-author of the study, in an email to HT. If the wind speed is 15kmph, the droplet travelled 6 metres in 1.6 seconds.

To study how saliva moves through air, the scientists created a computational fluid dynamics simulation that examined the state of every saliva droplet moving through the air in front of a coughing person.

Their simulation considered the effects of humidity, dispersion force, interactions of molecules of saliva and air, and how the droplets change from liquid to vapour and evaporate.

“The purpose of the mathematical modelling and simulation is to take into account all the interaction mechanisms that may take place between the main bulk fluid flow and the saliva droplets, and between the saliva droplets themselves,” said Talib Dbouk, co-author of the paper.

The scientists considered an environment of 20 °C for the fluid, 50% relative humidity, 15 °C at the ground, and 34 °C for the human mouth.

The scientists agreed that more studies needed to be done to understand the behaviour of fluid droplets in indoor environments, where air conditioning significantly affects the particle movement through air.

“It is worth investigating the behaviour of saliva in indoor environments, where air conditioning systems may have significant effects on the movement of particles through the air,” Drikakis said.

Transmission of the coronavirus through speech and cough droplets, especially in public spaces and crowded environments, has been a major area of concern for policy makers and governments. Globally, research has shown that the virus spreads easily in an aerosol form, and even through speech.

As a consequence, governments across the world have increasingly mandated the usage of masks to help stop the spread of the infection.

Covid-19: The science behind India’s trajectoryThe predominantly asymptomatic course of the disease and limited number of critical cases merit more scrutiny

In the history of mankind, there have been several pandemics from the Justinian Plague in the 6th century to the Spanish Flu (HINI influenza) in 1918. The 21st century remarkably has already seen three coronavirus-related outbreaks — the Severe Acute Respiratory Syndrome (Sars) in 2002 which claimed 800 lives, the Middle East Respiratory Syndrome (Mers) in 2012 (862 deaths), and now the coronavirus disease (Covid-19). Despite advancements in medical sciences, it is impossible to predict when the next infectious disease outbreak will take place. So, we need to be on full alert.

With India surpassing China in the overall number of infections, a comparison between the two in terms of infection trajectories is interesting. Compared to the more gradual increase of infections in India since mid-March, China witnessed a steep rise in January and February, forcing the administration to impose a strict lockdown in Wuhan on January 23 — two months earlier than India — lasting for over 70 days by which time the curve was flattened and has remained, by and large, static till date. The United States (US) and Europe have shown a trajectory similar to that of China, which makes India something of an outlier.

Noticeably, India recorded nearly 45% fewer fatalities than China, although active cases remain over 60% of the total number of persons infected, as against nearly zero in China. India’s over 38% recoveries are higher than those of many nations at the same level of infection, although still lower than hotspot European nations such as Germany, Spain and Italy. Further, while the disease remained primarily confined in China to the Hubei province in general, and Wuhan in particular, India witnessed a more widespread infection with the four states of Maharashtra, Tamil Nadu, Gujarat and Delhi accounting for two-thirds of India’s total cases.

Higher recovery rates are indicative of effective adaptive immunity developing against the pathogen. On the other hand, the largely inherent immunity of the Indian population might explain the comparative lower fatality/severity rates so far observed. At this point of time, the important question is whether people who clear a SARS-CoV-2 infection can ward off the virus in the future? An answer to this will have implications for creating better vaccines.

Epidemiological and nutritional factors have been discussed to explain the population-specific differential susceptibility, progression and severity/mortality of Covid-19 across the globe. Nevertheless, deciphering genetic polymorphism of the immunologically-relevant genes that influence host immunity could reveal population-specific correlates of protection and/or vulnerability to the Covid-19 challenge.

The two most important of these are those encompassing the human leucocyte antigen (HLA) system and the Killer-cell Immunoglobulin-like Receptor (KIR) genes, both of which have evolved in humans to maintain a robust immune challenge to invading microbes. Substantial data exists on the genetic propensity of HLA and KIR systems in autoimmune and infectious diseases including HIV/AIDS.

The highly polymorphic nature of the two genetic systems signifies their functional importance acquired during the course of evolution. They functionally regulate the body’s immune warriors, namely, the cytotoxic T-cells on one hand, and the natural killer cells on the other, both of which directly target the virus and help to eliminate it. A deep understanding of these in Covid-19 will be vital in developing effective screening tools for predicting prognosis and response to therapy, including designing individualised therapeutic strategies.

In the Indian context, scientists must find answers to two critical observations. First, the observed predominantly asymptomatic clinical course of the disease, and second, the rather limited number of severe and critical cases in India so far. All efforts must be made to discover measurable immunological biomarkers that are predictive of severe disease and favourable treatment outcomes. Despite limitations in understanding the mechanistic aspects of Covid-19 pathology, the challenge is to develop strategies for recruiting innate and adaptive arms of the immune system against the virus. A recent study found that some people who have never been infected with SARS-CoV-2 harbour T-cells that target this virus, indicating that they might have previously been infected with other coronaviruses sharing sequence similarities. Again, this is encouraging data for designing therapies.

The question is how long does it take to develop reasonably effective treatments for contagious diseases? Historically, while smallpox and polio took thousands of years to get an effective vaccine, HIV/AIDS took a mere 15 years before antiviral drug therapy was developed although an effective vaccine has still not been found. For Covid-19, the rapidity with which the world scientific community has got together, sharing knowledge and information in the singular task of defeating the novel coronavirus, is indeed unprecedented.

Currently, all eyes are on the World Health Organization-sponsored solidarity trial that tests, in addition to the standard care, four different lines of treatment regimens to save lives in the short-term. The trial involving thousands of patients worldwide from genetically disparate population groups will test the efficacy of remdesivir, hydroxychloroquine, lopanavir/ritonavir combination with or without interferon-beta. Analysing the population-specific influence of genetic systems could provide valuable information on possible differential response to treatment and long-term protection. Identifying HLA variants in infected people can help predict the severity of infection and determine who would eventually benefit from a vaccine.

Science alone can motivate tomorrow’s health care providers to rise to their fullest potential and deliver life-saving devices to prevent and treat this and future viral pandemics. In this context, innovative technologies to tackle global emergencies are urgent necessities

In its approach to the IBC, the government got it right

An impending suspension of India’s Insolvency and Bankruptcy Code (IBC) was being widely reported till recently. For businesses pushed into default by the nationwide lockdown, such a suspension made ample sense, but speculation about a blanket suspension of all IBC insolvency admissions fuelled concern in global insolvency circles.

Finance minister Nirmala Sitharaman’s announcements are thus being met with relief, though some ambiguity remains. Her IBC-related statements centred on (i) the impact of the pandemic and lockdown on businesses, and (ii) a revision of the definition of “default” under IBC to suspend the “fresh initiation” of insolvency proceedings based on coronavirus disease (Covid-19)-related defaults. The government’s intent appears to be a limited suspension of “fresh” insolvency cases, disallowing admission based on defaults related to the pandemic. This will avoid potential pitfalls of a blanket suspension, and underscores India’s commitment to credit reforms.

So as not to derail the progress of the reforms, the criteria for suspension of new admissions should not be open to interpretation, or manipulation by debtors. Since an existing default is the central criterion for insolvency admissions under IBC, and given the lockdown’s impact, the government may be contemplating suspension of insolvency admissions based on defaults occurring after the lockdown had been put in place. Such a clear and practicable delineation would keep IBC admissions in check, and yet permit admission based on pre-lockdown defaults.

The announcements also referred to the suspension being for up to one year. Such a fixed-duration waiver is reassuring. It will allow borrowers hurt by the pandemic a chance to recover, or to attempt to restructure outside the unsuitably prescriptive confines of the present IBC process. It will also ease the burden on capacity-constrained insolvency tribunals, and provide an opportunity to refine the Code or regulations to best serve the changing needs of the day.

Meeting the aspirations of Indians — two-thirds of them are below 35 years — requires sustained, and high, economic growth. This hinges crucially on the consistent, and appropriately priced, supply of credit. Since 2015, a series of inspired reform measures have transformed India’s reputation as a credit jurisdiction. Nearly every key player in the effort — the government, the Bankruptcy Law Reform Committee, the Joint Parliamentary Committee for IBC, the Insolvency & Bankruptcy Board, the National Company Law Tribunals, and very notably the Supreme Court — has come through remarkably in remaking India’s pariah credit regime of the past. We now take for granted outcomes that were unthinkable a mere three years ago, such as the IBC transfers of goliaths like Bhushan Steel and Essar Steel.

Notably, though, India’s credit regime transformation is still a victory-in-the-making. Much remains to be done to achieve better insolvency outcomes, including wider participation, and market-driven bids in the insolvency process. In this context, the nuanced approach the government appears to have chosen will bolster India’s reputation as a jurisdiction that takes creditor and investor rights seriously. It will also reinforce the high ground Prime Minister Narendra Modi’s government has gained through its resolute and intelligent reforms.

There are four reasons why the calibrated suspension of IBC, rather than a blanket, across-the-board suspension, is positive.

First, a blanket suspension would have thwarted the battle for better insolvency outcomes. With the new law and courts in place, decades-worth of jurisprudence has been created over the past three years. The system is only now evolving to restructure companies with the participation of new management teams, turnaround experts and capital providers. Distressed investors’ are also trying to help modulate inflexible resolution practices, and adapting to idiosyncrasies of historical banking regulation. A blanket suspension would have dealt a blow to the new insolvency regime readying for take-off.

Second, maintaining a reasonable flow of new cases based on pre-Covid-19 defaults will avoid destabilising a nascent insolvency ecosystem, which incorporates law, finance and business . If new IBC activity were to stall, investors, lawyers, restructuring advisers, etc., who have chosen to specialise in insolvency may redirect their efforts, leaving system capacity dissipated.

Third, a blanket suspension would have re-energised errant borrowers. To equate such defaulters with hitherto performing borrowers pushed into default by the pandemic is inimical to logic. Enabling insolvency transfers from such borrowers has taken great resolve and responsiveness, as evidenced by Section 29A bid eligibility restrictions which prioritise system-wide, long-term benefits while sacrificing higher immediate recoveries.

Finally, for investors, the limited suspension underscores the political will, vision, and grit that brought IBC to life, rather than invoking fears of the credit regime that IBC’s enactment banished. A blanket suspension of such a landmark law would have been a hark back to the whimsy-cum-grand larceny that defined Indian credit for decades. Investors are paid to worry, and would have found therein reason to doubt India’s commitment to creditor rights, property rights and the rule of law just as they are finding a surfeit of distressed opportunities elsewhere.

In this time of economic distress, the answer lies not in brushing IBC aside, but in actively encouraging its application, development and evolution. Just as the world may be shifting towards government-led solutions in the post-Covid-19 era, it may help India to find faith in market-led solutions to gain a march on other jurisdictions, and create superior insolvency outcomes.

Ensuring a steady supply of credit at appropriate interest rates is a pre-requisite for India’s continued economic growth and the prosperity of the next generation. In keeping its faith in IBC with only a limited suspension, the Indian government appears to have chosen wisely in letting a winner ru

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