New Delhi: The Insolvency and Bankruptcy Board of India (IBBI) commemorated its 8th Annual Day Tuesday, with a celebration of the significant strides made in India’s insolvency landscape since the introduction of the Insolvency and Bankruptcy Code (IBC).
According to a PIB press release, the event brought together large number of esteemed dignitaries and stakeholders of the insolvency regime, namely, officers of the Government and regulatory bodies, insolvency professional agencies and registered valuer’s organisations, insolvency professionals, registered values, other professionals, debtors, creditors, business leaders and academicians.
Former Justice Ramalingam Sudhakar, President of the National Company Law Tribunal was the Chief Guest, and Mr. Amitabh Kant, India’s G20 Sherpa and Former CEO of NITI Aayog, delivered the Annual Day Lecture.
Chief Justice Sudhakar highlighted the IBC’s transformative impact, noting its contribution to India’s improved ranking in the World Bank’s Ease of Doing Business Index, rising 79 positions to 63rd in 2016. He emphasized the need for further strengthening the IBC ecosystem and announced plans for an integrated technology platform to enhance consistency, transparency, and timely outcomes in insolvency resolution.
Mr. Kant lauded the IBC’s role in promoting credit discipline and reducing non-performing assets (NPAs). He cited a Reserve Bank of India report from June 2024, which highlighted the Gross Non-Performing Assets reaching a 12-year low of 2.8%.
The event also saw the release of IBBI’s annual publication, “IBC के आठवर्ष: शोध एवं विश्लेषण,” focusing on the evolving insolvency regime, key stakeholders’ roles, and the intersection of taxation and insolvency. The 8th Annual Day of IBBI served as a significant milestone, recognizing the achievements and contributions made in the field of insolvency and bankruptcy in India.