India’s Insolvency Framework

• Insolvency & Bankruptcy Code (IBC), 2016 — India's unified, creditor-driven, time-bound law for resolving financial distress of corporates, partnerships and individuals.
• Replaced a fragmented regime (SICA, RDDBFI, SARFAESI, Companies Act provisions) with a single waterfall mechanism; recoveries of ₹4.32 lakh crore till March 2026 through approved resolution plans.
• Key for UPSC: GS-II (statutory bodies, legislation) and GS-III (banking, NPAs, ease of doing business).