This is an important step forward.
The glass is half full. From here, the work required is:
- Refining the law from the viewpoint of coping with future litigation and from the viewpoint of creating sound institutional infrastructure. The level of polishing and perfection that's found with version 1.1 of the Indian Financial Code is not yet here.
- Establishing a `Task Force' process to build the four pillars of institutional infrastructure required for enforcing the law: adjudication, regulator, insolvency professionals, information utilities.
- Navigating it through Parliament.
A good collection of research and commentary on Indian bankruptcy reform is at this page.