A Decade of the Insolvency and Bankruptcy Code (IBC): IICA National Conference on India's Restructuring Ecosystem

📌 Summary:

• Indian Institute of Corporate Affairs (IICA), under the Ministry of Corporate Affairs, with the Association of Insolvency Professional Entities (AIPE), hosted a National Conference marking a Decade of the Insolvency and Bankruptcy Code (IBC) and the convocation of the 6th batch of its Post Graduate Insolvency Programme (PGIP)
• NCLAT Chairperson Justice Ashok Bhushan called 2016–2021 the 'era of establishment' and the current phase the 'era of refinement', noting the IBC (Amendment) Act, 2026 reflects the law's maturity
• NCLT President Justice Anupinder Singh Grewal stressed adopting the UNCITRAL Model Law on Cross-Border Insolvency to make India a trusted global restructuring destination
• MCA Secretary Deepti Gaur Mukerjee termed IBC a 'behavioural revolution': nearly ₹4 lakh crore recovered through resolution, creditors realising ~170% of liquidation value, and 32,000+ cases settled before admission preserving credit worth ~₹14 lakh crore
• PGIP (2-year residential, approved by IBBI) lets graduates register as Insolvency Professionals without the usual 10-year experience requirement; 239 alumni across 7 batches

🎯 UPSC Relevance: GS3 Economy — IBC as a market-exit and ease-of-doing-business reform; institutional ecosystem (IBBI, NCLT, NCLAT); cross-border insolvency

📝 Prelims Facts:

• IBC enacted in 2016; latest amendment: IBC (Amendment) Act, 2026
• Adjudicating authority: NCLT; appeals to NCLAT; regulator: IBBI
• UNCITRAL Model Law deals with cross-border insolvency
• ~₹4 lakh crore recovered; creditors realise ~170% of liquidation value

🔑 Key Term: Insolvency and Bankruptcy Code (IBC), 2016 — a unified framework for time-bound resolution of insolvency of companies and individuals, maximising asset value and balancing the interests of all stakeholders.