The Insolvency and Bankruptcy Code (IBC) has brought significant changes to how business failures are managed in India, according to Sanjay Singhania, Vice President of PHD Chamber of Commerce and Industry. Singhania highlighted that the IBC has led to quicker resolution of issues and the restoration of asset value, shifting the focus towards enhanced credit discipline and investor confidence.
At a conference titled “IBC Pulse: Trends, Transitions & Trajectories,” organized by PHDCCI, Singhania emphasized the importance of speed, flexibility, and the preservation of value in the insolvency process. The event focused on the Insolvency and Bankruptcy Code (IBC) Amendment Act, 2026, aiming to address the evolving insolvency landscape in India.
Justice Rakesh Kumar Jain, a former Member of the National Company Law Appellate Tribunal, discussed the evolution of insolvency laws in India at the conference. He highlighted the transition to a unified, creditor-driven system under the IBC, with the 2026 amendment focusing on reducing delays and enhancing creditor confidence through new provisions like group insolvency and cross-border frameworks.
Ashok Kumar Bhardwaj, a Member at the National Company Law Tribunal, stressed the need for continuous evolution of insolvency laws to adapt to changing economic scenarios. He reiterated that the primary goal of the IBC should be resolution and value maximization rather than mere recovery. Chetan Sharma underscored the significance of time in insolvency proceedings, suggesting the adoption of AI-enabled pre-litigation mediation mechanisms to improve efficiency.
RJR Kasibhatla outlined key features of the 2026 amendments, including provisions for reasoned orders, cross-border insolvency, group insolvency, and penalties for frivolous litigation. He described the IBC as a modern legal framework aligned with the requirements of a globalized economy. Debajyoti Ray Chaudhuri, Managing Director and CEO of National E-Governance Services Limited, highlighted the role of Information Utilities in enhancing transparency and reducing delays by providing authenticated default records, particularly benefiting MSMEs.
