Creditors invoking IBC have realized about ₹67,000 crore in calendar year 2023, a 221% jump from the year before. In 2022, creditors had realized about ₹20,860 crore by initiating bankruptcy action under IBC, a senior government official said. The recovery includes both repayment of debt after turning around a distressed company as well as liquidation proceeds.
The sharp improvement in realizations comes from a jump in the number of cases resolved by National Company Law Tribunal (NCLT) benches under IBC in 2023. In the just-concluded calendar year, creditors managed to pull off debt resolution in 273 cases, the highest in a year since the debut of IBC in 2016, against 160 in 2022, the official cited above said on the condition of anonymity. This shows a robust upward trajectory in the effectiveness of the bankruptcy code, the official said.
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