The Insolvency and Bankruptcy Code, 2016 rebuilt Indian insolvency law around a single idea: the creditor decides. A committee of financial creditors, voting by value, now holds the fate of a defaulting company, while the former managers are displaced and, where they have defaulted, barred outright from buying their way back. This creditor in control design was a deliberate rejection of the management friendly model that had failed India for decades. The official defence of the model rests on a striking statistic. Creditors recover only about a third of what they are owed, a haircut of roughly two thirds, yet…