Examining the Efficacy of the Insolvency and Bankruptcy Code: A Performance Analysis

The Insolvency and Bankruptcy Code, 2016 (IBC) is a comprehensive Indian law aimed at consolidating insolvency resolution regulations across various entities including individuals, limited liability partnerships, and corporates. Its enactment has yielded favourable outcomes such as enhancing Non-performing assets recovery rates and improving the ranking in resolving insolvency cases. However, significant concerns persist, including delays in proceedings, absence of clear regulations for cross-border insolvency, and a shortage of tribunals. Addressing these issues is imperative for the effective functioning of the IBC.