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).
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