India's Insolvency and Bankruptcy Code completed 10 years yesterday (28 May), marking a decade of institutional transformation with far-reaching implications for credit markets and economic efficiency.

Since its enactment in 2016, the resolution process under the Code has facilitated the realisation of over Rs 4 lakh crore for creditors, emerging as a watershed reform that consolidated and modernised the country's fragmented insolvency framework.

As of March 2026, 1,419 cases yielded resolution plans, with creditor realisations standing at 95 per cent and 167 per cent against fair and liquidation values respectively.

Till March 2026, a total of 8,987 cases were admitted, with 7,102 reaching closure, of which around 58 per cent-translating to 4,099 companies-were successfully rescued, while another 3,003 cases culminated in liquidation.

The deterrent effect of the Code altered debtor-creditor dynamics significantly.

More than 30,000 cases filed before the National Company Law Tribunal were resolved at the pre-admission stage through withdrawals, involving amounts estimated at nearly Rs 14 lakh crore.

In the absence of these settlements, the gross Non-Performing Asset ratio of the banking sector would likely have remained substantially higher than the reported level of 2.1 per cent as of September 2025, compared to nearly 11.8 per cent in 2017.

The Reserve Bank of India noted that the Code became the most effective mechanism for the recovery of stressed assets.

Of the total recoveries of Rs 1.04 lakh crore made by Scheduled Commercial Banks through various channels, nearly Rs 0.54 lakh crore, accounting for about 52.4 per cent, was realised through the IBC process.