CONTENTS Preface 7 List of Acronyms .. 11 1. Introduction LAVEESH BHANDARI & PEEYUSH BAJPAI .. 13 Background Business Failure and Bankruptcy 2. Small-Scale Industries - An Overview DEBASHIS CHAKRABORTY 19 Introduction Ownership Structure Trends in Major Characteristics Efficiency and Investment A Cross-State Perspective Industrial Sickness The Question of Reviving SSIs 3. Case Studies and Inferences PEEYUSH BAJPAI .. 39 Brief Description of Case Studies Inferences from the Case Studies The Specific Culprit(s)/Issues Conclusion 4. Incipient Sickness: A Closer Look B. YERRAM RAJU .. 69 'Beginning with Sickness' 'Beginning of Sickness' Incipient Sickness: Contributing Factors and Remedies Further Recommendations 5. Credit Availability to Small-Scale Sector DEBASHIS CHAKRABORTY 83 The Credit Provisions A Literature Survey of Various Committee Reports Reports to Improve the Market Scenario 6. An Economic-Legal Perspective BIBEK DEBROY 111 Introduction A Legal Review The Insolvency Laws and their Failure 7. Insolvency Procedures PEEYUSH BAJPAI .. 127 Insolvency Procedures in Other Countries Issues in Design of Insolvency Law 8. Conclusion: The Way Forward PEEYUSH BAJPAI ..149 Appendix 1 : A Partial List of Laws Governing SSI Payments of Dues155 Appendix 2: RBI Guidelines & GBIFR .. 161 Appendix 3: The Questionnaires 183 Appendix 4: PERT Analysis 221 Appendix 5: Principles and Guidelines for Effective Insolvency and Creditor Rights Systems 223 Select Bibliography . 233 Index . 235