Jyoti Singh, Insolvency and Disputes Partner at Phoenix Legal, says that SICA and SARFAESI couldn’t take off due to various constraints like the pre-liberalization nature of law and courts poor performance. IBC (Insolvency and Bankruptcy Code) is a step towards cleaning up the NPA mess which has rattled Indian banks and corporate sector. Jyoti advises banks to use their rights while lending to companies or business.