The Insolvency and Bankruptcy Code (IBC) has played a pivotal role in resolving corporate distress, with as many as 40,943 applications filed under the law since its inception in 2016. Of these, a significant 28,818 applications amounting to a total claim of Rs 10 lakh crore were resolved even before formal admission, Union Minister of State for Corporate Affairs Harsh Malhotra informed the Lok Sabha on Monday.
The minister emphasized that the introduction of IBC has been a game-changer for India, helping the country improve its global insolvency resolution ranking by 56 places from 108 in 2018 to 52 in 2019 before the World Bank discontinued its Doing Business Report in 2021.
Expedited Resolution and Pending Cases
Among…
