business โ๏ธ IBC Code: Massive Dues Cut Over 10 Years
Over the last decade, India's Insolvency and Bankruptcy Code (IBC) has seen significant debt restructuring. According to the IBBI report, admitted claims totaled Rs.14.14 lakh crore across approved resolution plans. These claims were reduced to a recovery amount of approximately Rs.4.32 lakh crore. This process essentially provides a large haircut to big industrialists who owe money to banks. The report details these major haircut cases under the controversial IBC 2016 framework. ๐