Summaries by Devendra Mehta

AI's proliferation poses significant challenges for India's Insolvency and Bankruptcy Code (IBC). Issues include understanding company AI tools, managing essential AI services (billing variations), determining ownership/valuation of AI assets, and establishing liability for AI agent actions. Complexities arise in identifying AI-driven avoidance transactions and classifying AI agents during liquidation. The author urges regulators like IBBI to proactively study these scenarios, develop integrated platforms, mandate AI tool audits, and engage stakeholders. Adapting the IBC to the AI age is crucial to prevent litigation and delays in insolvency processes.