Insolvency and Bankruptcy Code (IBC) will be completing eight years in two to three months. IBC has directly returned Rs 3.4 lakh crore to the creditors in the period.
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.
Not just lack of regulations of private ARCs, continuous writing-off of NPAs and creation of new ones point to gross failures of the IBC and other mechanisms