The Insolvency and Bankruptcy Code (IBC), enacted on 28 May 2016, was designed to address corporate distress by enabling quicker resolution of insolvency cases and aiming to preserve the value of assets. As of December 2024, a total of 8,175 Corporate Insolvency Resolution Processes (CIRPs) had been admitted under the Code. Among the cases that have reached closure, about 56% of closed CIRPs were settled through resolution, withdrawal, or legal closure, while the remaining 44% moved into liquidation.
In a landmark decision, the Supreme Court of India rejected the resolution plan submitted by JSW Steel for Bhushan Power and Steel Ltd. (BPSL), bringing an end to a Corporate Insolvency Resolution Process (CIRP) that began in July 2017….
