The Insolvency and Bankruptcy Board of India (IBBI) celebrated its Tenth Annual Day at Bharat Mandapam, New Delhi, marking ten years since its establishment on 1st October, 2016. Minister of State for Corporate Affairs and Road Transport and Highways, Shri Harsh Malhotra, inaugurated the event and stated that the Insolvency and Bankruptcy Code, 2016 (IBC) has strengthened credit discipline, improved the recovery climate, and contributed to ease of doing business in India. He highlighted the government's commitment to keeping the Code responsive to emerging needs through recent legislative amendments and urged stakeholders to work towards faster and value-maximizing resolutions. Malhotra also emphasized the need for improved adoption of emerging technologies, including AI, in the IBC ecosystem.
Justice Anupinder Singh Grewal, President of the National Company Law Tribunal, reflected on the role of the Adjudicating Authority and highlighted steps being taken to reduce delays in case disposal and recent improvements in speedier resolution plan disposal. He noted various areas for future reform including revision in admission thresholds, use of mediation, and sector-specific carveouts.
Shri Indevar Pandey, Member of the National Company Law Appellate Tribunal, shared perspectives on the evolution of insolvency jurisprudence, noting that IBC has seen seven sets of amendments in the last ten years. He appreciated that amendments to the Code and regulations are being carried out timely to address emerging needs while emphasizing the importance of respecting timelines by all stakeholders.
Shri Ansuman Pattnaik, Additional Secretary of the Ministry of Corporate Affairs, highlighted policy reforms undertaken to strengthen the Code, including the specific mention of the Insolvency and Bankruptcy Code (Amendment) Act, 2026. He outlined key aspects of this amendment act and areas for the next phase of reforms in the IBC framework.
IBBI Chairperson Shri Jayanti Prasad reflected on the ten-year journey, noting that IBC has enabled substantial recoveries for creditors, rescued viable businesses across sectors, and brought about lasting changes in debtor-creditor behavior. He revealed that the ecosystem now comprises over 4,400 Insolvency Professionals and over 6,000 Registered Valuers, highlighting IBBI's responsive, participative, and evidence-based approach to regulation-making.
As part of the celebrations, an annual publication titled "Shaping the Next Decade of IBC: The Road Ahead" was released, and winners of the 7th National Online Quiz on the Insolvency and Bankruptcy Code were felicitated. The event was attended by key stakeholders including Shri Sandip Garg and Shri Bhushan Kumar Sinha, Whole Time Members of IBBI.