According to the reports, by December 31, 2024, a total of 8,175 Corporate Insolvency Resolution Processes (CIRPs) had been initiated under IBC
The Insolvency and Bankruptcy Code, 2016 (IBC) has strengthened with 6 amendments and 122 reforms, says Mr. Harsh Malhotra, the Minister of State in the Ministry of Corporate Affairs and Minister of State in the Ministry of Road Transport and Highways before Rajya Sabha.
As per the Reserve Bank of India’s (RBI) Report on Trend and Progress of Banking in India (December 2024), IBC has become the most effective recovery mechanism for banks. It accounted for 48% of all recoveries in the financial year 2023-24, followed by the SARFAESI Act (32%), Debt Recovery Tribunals (17%), and Lok Adalats (3%),…
