28,818 insolvency applications resolved under IBC in India

The Indian government reported that 28,818 out of 40,943 insolvency applications were resolved under the Insolvency and Bankruptcy Code (IBC) before admission, involving Rs 10 lakh crore. This marks a significant achievement since the IBC's introduction in 2016. Union Minister Harsh Malhotra noted that India's global rank in resolving insolvency improved from 108 in 2018 to 52 in 2019. The government is implementing reforms to expedite case resolutions and enhance the business environment. Pending cases under the Companies Act and IBC were reported at 8,133 and 12,351, respectively, as of December 31, 2024. The government is taking steps to address delays, including e-court implementation and capacity building for stakeholders.