Under the Insolvency and Bankruptcy Code (IBC), which provides for a market-linked and time-bound resolution process of stressed assets, creditors have witnessed recoveries of nearly Rs 3 lakh crore so far, and the recovery amount stood at more than Rs 51,000 crore in 2022-23 financial year.
The Insolvency and Bankruptcy Board of India (IBBI) Chairperson Ravi Mital said the number of resolutions rose 80 per cent to 180 in the last financial year and is likely to touch 300 this year (2023-24 fiscal) and added that till August 2023, the resolutions stood at around 135.
Further, he urged insolvency resolution professionals to speed up their efforts in resolving the cases.
Speaking at the event in the national capital to mark the seventh annual day of the Insolvency and Bankruptcy Board of India (IBBI), a key institution in implementing the IBC, Mital said the law is a factor in the reduction of non-performing assets.
He also stressed that the law is not a recovery mechanism but a resolution mechanism.
Corporate Affairs Secretary Manoj Govil said efforts are on to speed up the resolution process and that the government is willing to take up amendments to the IBC to make the resolution process faster.
At the event, the National Company Law Appellate Tribunal (NCLAT) Chairperson Ashok Bhushan said the judiciary's role in interpreting the IBC has been transformative.
Through judgements, it has not only resolved disputes but has also shaped the IBC's revolution ensuring that it remains a robust and effective tool for insolvency and bankruptcy in India, he added.
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