IBBI's 10th Foundation Day: IBC Strengthened Credit Discipline and Enhanced Ease of Doing Business, says Harsh Malhotra

Mr. Harsh Malhotra, Minister of State for Corporate Affairs and Ministry of Road Transport and Highways, inaugurated the 10th Foundation Day celebrations of the Insolvency and Bankruptcy Board of India (IBBI) at Bharat Mandapam, New Delhi. The event was organized to commemorate ten years since the establishment of IBBI on October 1, 2016.

In his address, Chief Guest Mr. Harsh Malhotra stated that the Insolvency and Bankruptcy Code, 2016 (IBC) has strengthened credit discipline in the country, improved the recovery environment, and contributed significantly to the 'Ease of Doing Business.' He reiterated the government's commitment to keeping the code relevant according to emerging needs and mentioned recent legislative amendments. Additionally, he emphasized the need for faster resolutions, maximizing value, and adopting emerging technologies such as AI within the IBC ecosystem over the coming decade.

On this occasion, Justice Mr. Anupinder Singh Grewal, Chairperson of the National Company Law Tribunal (NCLT), provided insights into the role of the adjudicating authority and the reforms being undertaken to reduce delays in case disposal. He mentioned considering options such as amendments to entry thresholds, the use of mediation, and sector-specific exemptions in the future. Mr. Indevwar Pandey, Member of the National Company Law Appellate Tribunal, noted that the IBC code has been amended seven times over the past ten years, reflecting timely and necessary changes. He urged all stakeholders to adhere to the prescribed timelines.

Mr. Anshuman Patnaik, Additional Secretary of the Ministry of Corporate Affairs, discussed various policy reforms and the future framework, including the Insolvency and Bankruptcy Code (Amendment) Act, 2026. IBBI Chairperson Mr. Jayanti Prasad shared the Board's ten-year journey, noting that significant recoveries for creditors were made possible through the IBC and many businesses were saved. He informed that the ecosystem currently includes more than 4,400 insolvency professionals and over 6,000 registered valuers.

During the ceremony, 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 honored. The event was attended by several distinguished personalities and key stakeholders, including full-time members of IBBI, Mr. Sandeep Garg and Mr. Bhushan Kumar Sinha.