After making insolvency process creditor-driven, can IBC address the delays

Experts point out that though the IBBI data reflects a steady rise in the total number of insolvencies admitted, the year-on-year increase does not show a consistent trend

Sample this: Till October 2023, as many as 27,514 applications for initiation of corporate insolvency resolution were withdrawn before the admission itself. These companies had an underlying default of Rs 9.74 trillion, according to the Insolvency and Bankruptcy Board (IBBI) of India. Besides, more than a third of the corporate insolvency resolution processes that were withdrawn after admission resulted in full settlement with the creditor who had filed the insolvency application.

Indeed, though the Insolvency and Bankruptcy Code (IBC) had a sedate start in December 2016, it gathered steam the following year, with the Reserve Bank of India (RBI) coming out