Insolvency and Bankruptcy Code Marks a Decade of Strengthening India's Credit Ecosystem
According to official data until March 2026, the code has admitted 8,987 insolvency cases, resulting in the closure of 7,102 cases and enabling creditors to recover over Rs 4 lakh crore.
The IBC has fundamentally transformed India's credit culture by introducing a time-bound, creditor-in-control mechanism for resolving corporate defaults.
Key Facts / Static GK
IBBI Establishment: 1 October 2016
Parent Ministry: Ministry of Corporate Affairs
Practice Quiz — 29 May 2026
Q1. Who has recently been elected as the Prime Minister of Slovenia, marking their fourth term in office?
Q2. With reference to the 51st PRAGATI meeting, consider the following statements: 1. PRAGATI stands for Pro-Active Governance and Timely Implementation. 2. The platform is designed to integrate the Central and State Governments for project monitoring. 3. During the 51st meeting, a cumulative investment of nearly Rs 30,000 crore across nine states was reviewed. Which of the statements given above are correct?
Q3. Sikkim recently became the ________ State in India and the ________ from the North-East region to receive the President's Police Colour.
Q4. Which body serves as the regulator for overseeing insolvency proceedings and entities under the Insolvency and Bankruptcy Code (IBC) in India?
Q5. The 'Spice and Heal' campaign, recently launched to enhance India's leadership in medicinal wellness and traditional spices, is a joint initiative of which of the following organizations?
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