India's Insolvency and Bankruptcy Code (2016)
India replaced a patchwork of insolvency laws with the Insolvency and Bankruptcy Code, creating time-bound resolution for stressed companies. The law established the Insolvency and Bankruptcy Board of India and gave creditors a clear process.
Resolution timelines became enforceable and banks gained a tool to process bad loans.
The code reshaped India's credit culture and is credited with cleaning up non-performing assets in the banking system.
The new Specified Non-Financial Assets framework standardizes how banks account for assets recovered from stressed borrowers, complementing the IBC's stress-resolution machinery.
