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Applauding the Insolvency and Bankruptcy Board of India (IBBI) for the noteworthy achievements of the Insolvency and Bankruptcy Code (IBC) in the short span of 8 years, India's G20 Sherpa and Former CEO of NITI Aayog Amitabh Kant has highlighted that India's global ranking in World Bank’s Ease of Doing Business Index improved significantly, jumping 79 positions from 142 in 2014 to 63 in 2016, thanks to the transformative framework established by the IBC.

Kant characterized the IBC as a ‘lighthouse of a new era,’ emphasizing its role in promoting credit discipline and contributing to a historic reduction in non-performing assets (NPAs). Citing the Reserve Bank of India’s report from June 2024, he highlighted that the gross non-performing assets have reached a 12-year low of 2.8%, with net non-performing assets at 0.6%. These statistics underscore the positive impact of the IBC on the Indian economy.

The Insolvency and Bankruptcy Board of India celebrated its Eighth Annual Day on October 1, 2024. The 8th Annual Day of IBBI was a momentous occasion, reflecting on the achievements and contributions made in the field of insolvency and bankruptcy over the years.