At present, the Insolvency and Bankruptcy Board of India (IBBI) is required to recommend the IP s name only after receiving reference from the National Company Law Tribunal (NCLT) in a corporate insolvency resolution process (CIRP).
IBBI had in 2022 permitted firms to take up the mandate of administering businesses going through the bankruptcy process in place of individual professionals, given that an organization will have more internal controls and governance systems.
Moreover, the data also mentioned that creditors have taken massive losses, about 83 percent haircuts in order to recover dues from top corporate debtors rescued under the IBC. 68 percent haircuts were on admitted claims.