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The Insolvency and Bankruptcy Code (IBC) has managed to bring about a change in the debtor-creditor relationship, with the fear of losing control over one’s enterprise nudging thousands of debtors to settle their dues with their creditors so that their company is not pushed into insolvency proceedings, the Economic Survey of 2022-23 has observed.
Data shows, up until H1FY23, as many as 23,417 applications for initiating the corporate insolvency resolution process (CIRP) of corporate debtors having underlying defaults of Rs 7.3 trillion were disposed of before their admission into CIRP.
One of the far-reaching spill-over effects…
Read the full article at: https://www.business-standard.com/budget/article/rs-7-3-trn-debt-settled-before-initiating-insolvency-economic-survey-123013101121_1.html