IBC reforms: Let’s strengthen the Code as a key growth enabler
The Insolvency and Bankruptcy Code transformed India’s approach to corporate financial distress. The IBC succeeded because the entire ecosystem and institutional infrastructure, from regulators, including the new Insolvency and Bankruptcy Board of India, and the legislature to the courts, banks and the market worked for it. The rate of recovery fell to 27% of creditors’ admitted claims in 2023-24 from 36% the previous year, pulling down the cumulative recovery since the IBC was introduced in 2016 to 32%. In her budget speech, Nirmala Sitharaman stated, “Appropriate changes to the IBC, reforms and strengthening of the tribunal and appellate tribunals will be initiated to speed up insolvency resolution." An enhanced IBC would be a vital enabler of India’s economic growth, helping create a resilient and sustainable insolvency regime for a robust economy.
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