ADVERTISEMENT
The Institute of Chartered Accountants of India on Sunday said reforms in Insolvency and Bankruptcy Code (IBC), 2016 are being worked upon and an IBC 2.0 is expected to be rolled out soon. The apex body of the chartered accountants said IBC 2.0 may include a full-fledged individual insolvency framework, pre-packaged insolvency for bigger corporates, group insolvency framework and use of tech in IBC.
During a presentation on IBC on Sunday, ICAI said, "Ministry of corporate affairs is looking for IBC 2.0 and is working very hard on it. The Insolvency and Bankruptcy Board of India (IBBI) and ICAI are together working on it and supporting the ministry of corporate affairs on it. We are expecting that within some time we will see IBC 2.0 which will certainly mitigate the issues pertaining to the insolvency resolution process."
July 2025
In the world’s youngest nation—where over 65% of the population is under 35—India’s future is already being shaped by those bold enough to lead it. From boardrooms to breakout ideas, a new generation of business leaders is rewriting the rules. This year's Fortune India’s 40 Under 40 celebrates these changemakers—icons in the making like Akash Ambani, Kaviya Kalanithi Maran, Shashwat Goenka, Parth Jindal, Aman Mehta, and Devansh Jain—who are not just carrying forward legacies but boldly reimagining them for a new era. Alongside them are first-generation disruptors like Sagar Daryani, scaling Wow! Momo with a vision to take ₹100 momos to 5,000 cities, and Palak Shah, turning the Banarasi weave into a global fashion story with Ekaya Banaras. These are the entrepreneurs turning ambition into scale. And even beyond traditional industry, the entrepreneurial wave is pulling in creative forces—Ranveer Singh, for instance, is shaking up wellness and nutrition with Bold Care and SuperYou, proving that passion, backed by purpose, is the new blueprint for building brands.
"ICAI has been actively involved with the insolvency committee chaired by the MCA secretary and other stakeholders. IBC 2.0 will largely be based on the discussion paper issued by the government. It depends on the government, but I expect it to happen very soon," said Aniket S Talati, president, ICAI.
"Full-fledged individual insolvency framework is expected to be implemented soon. In future, the government is planning for a pre-package insolvency resolution process or PPIRP framework which is likely to be extended for bigger corporates as well," ICAI said during a presentation on IBC at a residential meeting in Agra on Sunday.
"Further, the group insolvency framework may also be implemented in the medium term as planned by the government. Besides, the use of technology in the IBC ecosystem to handle several processes under the Code with minimum human interface is under consideration by MCA and IBBI," it added.
Fortune India is now on WhatsApp! Get the latest updates from the world of business and economy delivered straight to your phone. Subscribe now.