Finance Minister in her Budget 2024-25 speech, announced the establishment of an integrated tech platform to enhance the outcomes under the Insolvency and Bankruptcy Code (IBC). The initiative aims to bring greater consistency, transparency, and improved oversight, benefiting stakeholders and expediting the resolution process. She also highlighted the success of the Insolvency and Bankruptcy Code (IBC) in resolving over 1,000 companies, resulting in a direct recovery of Rs 3.3 lakh crore to creditors. Additionally, 28,000 cases involving over Rs. 10 lakh crore were disposed of prior to admission. To build on this success, the government will establish an integrated tech platform designed to enhance the outcomes under the IBC. 

By integrating technology into the IBC process, the government hopes to streamline operations and bring about more efficient resolutions.

Click the icon for more information-