‘IBC resolved as many cases in 7 yrs as BIFR did in 30 yrs’

Finance Minister Nirmala Sitharaman stated on Thursday that the seven-year-old Insolvency & Bankruptcy Code (IBC) has facilitated the rescue of 3,171 distressed companies and aided in the closure of those that are unviable. She pointed out that this is a significant improvement compared to the less than 3,500 cases resolved by the Board of Industrial and Financial Reconstruction (BIFR) during its over 30-year tenure, starting from 1987.