Quick Summary
Government has Strengthened IBC with Six Amendments and 122 Regulatory reforms since its inception Over 8,000 CIRPs initiated, rescuing 3,485 debtors and realization of ₹3.58 lakh crore The legislative intent of the Insolvency and Bankruptcy Code, 2016 (IBC) is to provide a consolidated framework
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FAQ :
The IBC aims to provide a unified framework for the reorganisation, insolvency resolution, and liquidation of corporate entities, partnership firms, and individuals, with the goal of maximising asset value.
The IBC has become the dominant recovery route for banks, accounting for 48% of all recoveries in FY 2023-24, surpassing other methods like SARFAESI and Debt Recovery Tribunals.
As of 31st December 2024, 8,175 Corporate Insolvency Resolution Processes (CIRPs) have been initiated.
A total of 3,485 corporate debtors have been rescued through various means, including resolution plans, appeals, reviews, settlements, and withdrawals.
In cases that have yielded resolution plans, creditors have realised ₹3.58 lakh crore.
The government has made six amendments to the IBC and 122 amendments to regulations, alongside conducting training programs and leveraging IT for automation and streamlined processes.
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