IBBI releases “Shaping the Next Decade of IBC: The Road Ahead” — 19 research papers, from crypto insolvency to group insolvency
The Insolvency and Bankruptcy Board of India has published its 2026 research volume, a collection of 19 papers by outside authors. The preface records the Code’s ten-year numbers till June 2026: 4,227 distressed entities rescued, 3,074 liquidation orders and over ₹4.35 lakh crore realised for creditors through resolution.
Key facts
- In force
- Released at IBBI’s Tenth Annual Day, 1 October 2026
- Who it affects
- Insolvency professionals, lenders, resolution applicants, researchers and students of insolvency law
- What it is
- New facility
- Section
- Insolvency
- Published
- 1 October 2026
In 30 seconds
- Published by IBBI in 2026 (ISBN 978-81-17000-00-7); the preface is by Dr. Bhushan Kumar Sinha, Whole Time Member.
- Nineteen papers covering virtual digital assets, AI and machine learning, group insolvency, bank resolution, directors’ duties and employment after resolution.
- Till June 2026: 4,227 entities rescued — 1,484 through resolution plans, 1,410 through appeal / review / settlement and 1,333 withdrawn under section 12A.
- Realisation for creditors over ₹4.35 lakh crore — around 95% of fair value and 167% of liquidation value.
- More than 30,000 applications withdrawn at the pre-admission stage, involving defaults of nearly ₹14 lakh crore.
- The views are those of the authors and not of IBBI; the volume is for awareness and is not a guide for action.
हिंदी में सार
IBBI ने “Shaping the Next Decade of IBC: The Road Ahead” नाम का शोध-संकलन प्रकाशित किया है, जिसमें अलग-अलग लेखकों के 19 शोध-पत्र हैं — virtual digital assets, AI, group insolvency, बैंक resolution और रोज़गार जैसे विषयों पर। प्रस्तावना के अनुसार जून 2026 तक 4,227 संकटग्रस्त इकाइयाँ बचाई गईं और resolution से लेनदारों को ₹4.35 लाख करोड़ से अधिक मिले। इसमें व्यक्त विचार लेखकों के हैं, IBBI के नहीं।
What the publication is
“Shaping the Next Decade of IBC: The Road Ahead” is a research volume published by the Insolvency and Bankruptcy Board of India, dated 2026 (ISBN 978-81-17000-00-7). It brings together 19 papers by individual authors, with a preface by Dr. Bhushan Kumar Sinha, Whole Time Member, IBBI. The Ministry of Corporate Affairs’ press release of 1 October 2026 records that the annual publication was released at IBBI’s Tenth Annual Day.
The disclaimer is clear: the views are those of the authors and not of IBBI, and the publication is for creating awareness and must not be used as a guide for taking or recommending any action or decision.
Ten years in numbers — from the preface
| Measure | Figure stated |
|---|---|
| Distressed entities rescued (till June 2026) | 4,227 — 1,484 through resolution plans; 1,410 through appeal / review / settled; 1,333 withdrawn under section 12A |
| Orders for liquidation | 3,074 firms |
| Realisation for creditors through resolution | Over ₹4.35 lakh crore — around 95% of fair value and 167% of liquidation value |
| Resolved CIRPs earlier before BIFR and/or defunct | Around 42% (612 out of 1,454 cases for which data are available) |
| Applications withdrawn before admission | More than 30,000, involving defaults of nearly ₹14 lakh crore |
| Gross NPA ratio of Scheduled Commercial Banks | 1.8% in March 2026, against nearly 11.8% in 2017 (RBI Financial Stability Report) |
| Share of banks’ recoveries through IBC, 2024–25 | About ₹0.54 lakh crore of ₹1.04 lakh crore — 52.4%, against 49.5% in 2023–24 (RBI) |
The preface also notes that S&P Global Ratings, in December 2025, upgraded India’s insolvency framework from “Group C” to “Group B”, and cites an IIM Ahmedabad study of 1,194 resolved firms which records, over the five years after resolution, average sales up by nearly 89% and capital expenditure up by approximately 106%.
On the recent amendments
The preface says the Government has recently notified amendments to the Code which seek to address delays in admission through stricter timelines, give greater flexibility in resolution plans (including asset-wise sales for complex businesses), revise the framework for dissenting creditors, and introduce mechanisms for group insolvency, cross-border insolvency and creditor-initiated out-of-court resolution.
What the 19 papers cover
| Theme | Papers (as listed in the contents) |
|---|---|
| Digital assets and technology | Virtual digital assets under the insolvency framework; insolvency in the metaverse; artificial intelligence and India’s insolvency framework; predicting resolution of firms under NCLT with machine-learning models |
| Law and adjudication | The judicialisation of commercial wisdom; identifying “critical goods and services” during moratorium; post-plan-approval breakdowns; directors’ duties in the twilight zone; corporate group insolvency; the estate of the bankrupt |
| Banks | Reforming bank liquidation with insolvency professionals for depositor protection; pre-planned bank resolution mechanisms (“living wills”) |
| Economics and outcomes | Restricting incumbent participation and bankruptcy outcomes; creditors’ rights and earnings management; vintage trend analysis of CIRP efficiency; employment growth in resolved companies; export-firm insolvency and global politics; behavioural insights into the 2025 reforms |
| Regulation-making | Regulatory Impact Assessment as a tool for good governance |
How to use it
For insolvency professionals, lenders and researchers, the volume is a reading list of open questions — not a statement of law or of IBBI’s position. Feedback on the publication can be sent to research@ibbi.gov.in.
Questions and answers
What is “Shaping the Next Decade of IBC: The Road Ahead”?
A research volume published by the Insolvency and Bankruptcy Board of India in 2026, containing 19 papers by individual authors on issues across the insolvency and bankruptcy ecosystem, with a preface by Dr. Bhushan Kumar Sinha, Whole Time Member, IBBI.
Does the publication state IBBI’s official view?
No. Its disclaimer says the views expressed are those of the authors and not of IBBI, and that it must not be used as a guide for taking or recommending any action or decision.
How many companies have been rescued under the IBC?
According to the preface, till June 2026 a total of 4,227 distressed entities have been rescued — 1,484 through resolution plans, 1,410 through appeal / review / settlement and 1,333 withdrawn under section 12A — and liquidation orders have been passed for 3,074 firms.
How much have creditors realised through resolution?
The preface puts it at over ₹4.35 lakh crore, which it says is around 95% of fair value and 167% of liquidation value.
Published 1 October 2026. Updated 8 October 2026. This report is for general information and is not professional advice. Read the source document before acting on it.