According to the IBBI chief, the Code has rescued 70 per cent of distressed assets through insolvency resolution plans and has released remaining 30 per cent of such assets through liquidations.
The Board has been set up under the Insolvency and Bankruptcy Code, which came into force from December 1, 2016.
The committee headed by M S Sahoo, a former member of the Securities and Exchange Board of India, was given the task to review the rules on external commercial borrowings.