Ravi Mittal, chairperson of the Insolvency and Bankruptcy Board of India (IBBI), has lauded the positive results following the implementation of the Insolvency and Bankruptcy Code, 2016 (IBC), including rescuing distressed businesses and improvements in creditors recovering debt.
In addition, the IBC had an amplified positive economic effect that led to revitalising the credit market, safeguarding employment and elevating a firm’s performance and governance standards, Mittal noted in the IBBI quarterly newsletter.
The positive outcomes highlighted are:
1. Banking sector stability. In multiple Reserve Bank of India reports, scheduled commercial banks have been able to recover 48% of debts through the IBC.
2. Parties…
