The decade-old insolvency framework has helped creditors recover more than Rs 4 lakh crore and sharply improved recovery rates and credit discipline, with the government and regulators hailing the Insolvency and Bankruptcy Code (IBC) as one of the country’s most significant economic reforms. Marking 10 years of the Insolvency and Bankruptcy Code, 2016, the Insolvency and Bankruptcy Board of India (the insolvency regulator) said the law has transformed India’s stressed asset resolution ecosystem by replacing a fragmented and delay-ridden regime with a creditor-driven and time-bound insolvency process. “As of March 2026, 1,419 cases had yielded resolution plans and the process facilitated realisation of over Rs 4 lakh crore for creditors,” IBBI chairman Ravi Mital said in a note commemorating the 10-year milestone of the Code. The recoveries made through resolution plans were equivalent to 95% of the fair value and 167% of the liquidation value of the underlying assets, highlighting the value preservation achieved under the insolvency framework. Since the Code came into force in 2016, a total of 8,987 corporate insolvency cases have been admitted till March 2026, of which 7,102 cases have been closed. Among the closed cases, around 4,099 companies — nearly 58% — were rescued through resolution, settlement, withdrawal or appeal processes, while 3,003 companies went into liquidation.