The Insolvency and Bankruptcy Code (IBC) has been a main and very crucial factor in improving the health of the country's banking sector, including recovery of non-performing assets, Union Minister for Finance and Corporate Affairs Nirmala Sitharaman said in the Lok Sabha on Monday.
The Insolvency and Bankruptcy Code of 2016 (IBC) was established with the goal of conducting the corporate insolvency resolution process (CIRP) of a debt-ridden company.
The committee aims to gather diverse perspectives to ensure the proposed amendments to the Insolvency and Bankruptcy Code (IBC) are comprehensive, balanced, and effective in addressing current economic and legal challenges.
A framework for early detection and time-bound resolution of stressed assets, along with automated Early Warning Systems, has reduced slippages into NPAs.
In the financial year 2024-25 (FY25), creditors recovered over ₹67,000 crore from companies undergoing bankruptcy proceedings. This marked the highest-ever annual recovery under India’s Insolvency and Bankruptcy Code (IBC).
The Insolvency and Bankruptcy Board of India (IBBI) in its latest newsletter said that over the years since the introduction of the Insolvency and Bankruptcy Code (IBC), more companies are getting resolved, and the number of liquidations is going down.
President Droupadi Murmu on Tuesday said the large Buddhist community has much to offer to humankind at a time when the world today is facing an existential crisis on many fronts, not only strife but also the climate crisis.
In her recent budget statement, Finance Minister Nirmala Sitharaman lauded the Insolvency and Bankruptcy Code, 2016 (IBC), celebrating it as a new-age miracle. With over 1,000 companies resolved and a whopping Rs. 3.3 trillion recovered, it seems the IBC is finally hitting its stride – or at least that is the optimistic narrative.
Addressing the joint sitting of Parliament, she said “Today, these reforms have made India's banking sector one of the strongest banking sectors in the world.”
She criticised the earlier Congress government at the Centre for ignoring corporate distress and said that the corporate distress proceedings were governed by a patchwork of legislations, which worsened rather than resolving issues
