The success of the bankruptcy law will depend on the jurisprudence that develops under the Insolvency and Bankruptcy Code Over the last year, barely a week has gone by without a regulator announcing new measures to help resolve India’s problem of large and mounting non-performing loans/assets, or NPAs. These announcements are usually accompanied by endorsements from the government, as determined reminders that the resolution of the NPA problem is on the top of the government’s mind. Then why does India’s war on NPAs seem intractable? And why have Indian regulators not yet resolved a case that can be showcased as an example of what the recent regulatory measures can achieve? The latest announcement came from the Securities and Exchange Board of India which said that companies that are pursuing acquisitions as part of resolution plans approved under the Insolvency and Bankruptcy Code, 2016 (IBC) would be exempted from open offer obligations typically applied under Indian takeover r