New Delhi Dec 4 (KNN) The Parliamentary Standing Committee on Finance has noted that the Insolvency and Bankruptcy Code (IBC) has played a significant role in strengthening India’s business environment.
However, it also warned that persistent systemic challenges continue to hinder the Code’s overall effectiveness.
In its report titled ‘Review of Working of IBC and Emerging Issues,’ the Committee noted that 1,194 companies have been resolved under the IBC framework, with creditors recovering 170 percent of liquidation value and over 93 percent of fair value.
However, it expressed ‘profound concern’ over persistent bottlenecks, including slow admission of insolvency cases, excessive delays, mounting litigation,…