More than 42,000 cases came for resolution under insolvency law, says IBBI official

More than 42,000 cases have been brought for resolution under the Insolvency and Bankruptcy Code (IBC), which has led to a behavioural change in the business landscape, encouraging companies to prioritise financial stability and sustainable practices, according to an official. At an event in the national capital on October 31, IBBI Whole Time Member Sudhaker Shukla also said that while competition and innovation are two things that drive a company, resolvability is a goal to cherish. "It ensures that companies remain sustainable and adaptable," he added.

The Insolvency and Bankruptcy Board of India (IBBI) is a key institution in implementing the IBC. Speaking at a conference organised by industry body Assocham, Shukla positive outcomes have led to a behavioural change in the business landscape, encouraging companies to prioritise financial stability and sustainable practices.

More than 42,000 cases have been brought for resolution under the IBC, he said. Pravin Kumar Tiwari, Full-Time Member at the National Financial Reporting Authority (NFRA), said the regulator's role involves setting high-quality standards and exercising effective oversight over accounting and auditing matters.

"This is aimed at protecting public interest, investors, creditors, and prescribed classes of companies," he added. He also said the NFRA since its establishment has reviewed and recommended 42 proposals from ICAI relating to issuance of new Indian accounting standards and amendments to the existing ones.