Parliament clears IBC amendments to speed resolution, Nirmala Sitharaman says
Parliament just passed new changes to the Insolvency and Bankruptcy Code (IBC) to speed up how quickly companies in financial trouble get sorted out.
The bill, now cleared by both Lok Sabha and Rajya Sabha, aims to reduce long case backlogs.
Finance Minister Nirmala Sitharaman called it a big step for asset recovery and healthier banks, with faster application processing expected to make the whole system stronger.
IBC rate rises to almost 100%
These updates (based on committee recommendations) have made a real difference: the success rate for resolving cases jumped from one in five back in 2017-18 to almost one in one last year.
Banks have recovered over ₹1 trillion since then, with 52.3% of that through the IBC channel.
For anyone following India's economy or job market, this means fewer stuck businesses and hopefully a smoother financial future.