Reform IBC ecosystem for quicker resolution, maximum recovery: CRISIL

Only a few large cases have seen higher recovery, says agency.

The Insolvency and Bankruptcy Code (IBC) needs reform six years after its launch to speed up resolution and recovery from insolvency firms, according to rating agency CRISIL.

The government has cleared the appointment of 18 new members to National Company Law Tribunal and sought public opinion for better functioning of the Committee of Creditors (CoC)—steps needed to improve IBC’s working.

CRISIL, in a statement, said quick rollout of insolvency frameworks for group/cross-border, financial service providers, and personal insolvency will further expand the ambit of IBC, rating agency said in a statement.

IBC needs a stronger push after Rs 2.5 trillion