Quick Summary
The Insolvency and Bankruptcy Code (IBC) has played a pivotal role in resolving corporate distress, with as many as 40,943 applications filed under the law since its inception in 2016. Of these, a significant 28,818 applications amounting to a total claim of Rs 10 lakh crore were resolved even befor
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FAQ :
Since its inception in 2016, as many as 40,943 applications have been filed under the Insolvency and Bankruptcy Code (IBC).
A total claim of Rs 10 lakh crore has been resolved through 28,818 applications before their formal admission under the IBC.
The introduction of IBC has significantly improved India's global insolvency resolution ranking, moving it up by 56 places from 108 in 2018 to 52 in 2019.
Pending cases are due to reasons such as the complexity of disputes, legal stays by higher courts, involvement of multiple stakeholders, and frequent adjournments.
Under IBC, resolutions for stalled real estate projects are handled on a tower-to-tower basis, ensuring that possession of homes continues even during insolvency proceedings.
The World Bank has introduced the B-Ready (Business Ready) project to assess business regulations worldwide, with India expected to be featured in its third phase.
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