IBC brings efficiency to Corporate Insolvency Resolution Process - 2024

The Insolvency and Bankruptcy Code has made impressive strides in corporate insolvency resolution in India. By March 2024, 28,818 CIRP applications involving INR 10.22 lakh crore were resolved before admission, reflecting a positive shift in debtor-creditor relations. 

By September 2024, 1,068 CIRPs were completed, recovering INR 3.55 lakh crore; which is 86.13% of the debtor’s fair value. Additionally, resolution costs have decreased to just 1.37% of the liquidation value. 

The government is considering an Integrated Technology Platform under the IBC to improve transparency, minimize delays and enhance decision-making. These developments highlight the IBC's growing role in efficient and transparent insolvency resolution in India.