Insolvency & Bankruptcy Code (IBC), labelled as among the iconic watershed-moments of Indian legal history has been under intense scrutiny for some time now. Recent observations around judicial delays, higher liquidation rates (compared to resolution) and lower recoveries have cast a spotlight around this milestone.
Some years ago, the IBC was hailed as the saviour of Indian banking. It was reckoned as equally integral to the economy than other legal precedents such as the implementation of GST. In the words of Ravi Mittal, Chief of IBBI (Insolvency and Bankruptcy Board of India), the IBC played a key role in the revival of real estate in the country. In fact, according to India’s Economic Survey for 2024, the IBC which has witnessed…
