The Ten-Year Verdict

Why the IBC Is Not Working — and What Would Actually Fix It

The Insolvency and Bankruptcy Code turned ten this year. The anniversary has produced the expected volume of self-congratulation: a behavioural revolution in the credit market, thousands of debtors settling before admission, a creditor-in-control philosophy that displaced a debtor-in-possession culture, and a Code that has, on the government’s own telling, put more than four lakh crore rupees back into creditors’ hands. All of this is true. None of it is the point.