Indian bankruptcy law and its practice, for most of the Indian republic's history, has been as clear and pure as the water of the Yamuna in Delhi; and it still is even after revisions a few years ago.

A receiving bankruptcy custodian is possible in India, but most bankruptcies in India have involved no such thing and still don't.

A court can set up a receivership custodian, but it's not very common. Surely, you should have heard some stories about how slow the Indian court system is? Handling bankruptcies is not so fast and easy for them.

If you know land disputes in India can drag on for decades in Indian courts, you can take it that bankruptcies can also drag on for many years to reach their conclusion for the involved parties.

Keyser can probably tell us more as an Indian corporate lawyer who posts here directly.