Companies under Insolvency and Bankruptcy Code: Recent Data of the Companies 

The Insolvency and Bankruptcy Code, 2016 (IBC) is a pivotal legislation in India, enacted to consolidate and amend laws related to the reorganization and insolvency resolution of corporate entities, partnership firms and individuals. It aims to facilitate a time-bound process for maximizing asset value, promoting entrepreneurship and balancing stakeholder interests. The regulatory authority, the Insolvency and Bankruptcy Board of India (IBBI), oversees the implementation and ensures compliance with the code's provisions. This article provides a comprehensive overview of companies currently under the IBC, based on the most recent data available as of 2025 and process details, and examples.

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Companies Under the Insolvency and Bankruptcy Code, 2016

The IBC  replaced fragmented laws such as the Sick Industrial Companies (Special Provisions) Act, 1985, and the winding-up provisions of the Companies Act, 1956, aiming for a unified and efficient insolvency resolution framework. The code applies to companies incorporated under the Companies Act, 2013, or previous laws, limited liability partnerships under the LLP Act, 2008, and other bodies specified by the Central Government, with a minimum default amount of Rs. 1 lakh (though this can be raised to Rs. 1 crore via notification).

The IBBI, established on October 1, 2016, regulates insolvency professionals, agencies and information utilities, and handles processes like corporate insolvency resolution, corporate liquidation and individual bankruptcy. The code is implemented through tribunals such as the National Company Law Tribunal (NCLT) and Debt Recovery Tribunal, ensuring a structured and time-bound resolution.

Recent Examples

Based on recent public announcements from the IBBI website , here are some companies under IBC as of June 2025:

• Companies Under CIRP: SYSKA E-RETAILS LLP, NECCON POWER & INFRA LIMITED, Supereco Automotive Co. LLP, etc.

• Companies Under Liquidation: Sakthi Ganesh Textiles Private Limited, RIGHT HEALTH PLATTER PRIVATE LIMITED, OLYMPIC SPORTSWARE & EQUIPMENTS PRIVATE LIMITED, etc. This list is not exhaustive, as there are many more cases listed on the IBBI website.

• Total Cases: While exact numbers for June 2025 are not fully detailed, historical data suggests over 6,000 corporate insolvencies by March 2023, indicating a significant and likely growing number today.

Processes Under Insolvency and Bankruptcy Code, 2016

Companies under the IBC are typically involved in one of two main processes. Both processes are publicly announced by the IBBI, providing details like the corporate debtor's name, type of process, announcement date, and insolvency professional involved:

1. Corporate Insolvency Resolution Process (CIRP): This is initiated when a corporate debtor defaults on debt repayment, aiming to restructure debts or find a buyer to keep the company operational. It involves appointing an insolvency professional to manage the process, inviting resolution plans, and ensuring creditor approval within a stipulated timeframe (usually 330 days, including litigation).

2. Liquidation Process: If CIRP fails to yield a viable resolution plan, or if ordered by the tribunal, the company enters liquidation. Assets are sold, and proceeds are distributed to creditors in a legally defined order, leading to the company's dissolution.

Also read about Section 12A of IBC, 2016.

Recent Data and Examples of Companies Under IBC

As of 2025, the IBBI's public announcements page lists companies currently under CIRP or liquidation. The following table summarizes a sample from the first page of announcements, reflecting the latest activity:

This table includes 17 companies, with 12 under CIRP and 5 under liquidation, based on announcements from June 14 to June 19, 2025. Note that the list is partial, as the IBBI website has multiple pages, indicating a large number of cases.

Summary

The IBC, 2016, continues to be a critical tool for managing corporate insolvency in India, with a significant number of companies under CIRP and liquidation as of June 2025. The provided examples and table reflect recent cases, but the total number is likely in the thousands, given historical trends. For detailed and ongoing updates, the IBBI website remains the authoritative source.

Related Posts:

• Section 43 of IBC

• Section 60 of IBC

• Section 29A of IBC

• Section 33 of IBC

• Section 53 of IBC

Companies under Insolvency and Bankruptcy Code: FAQs

Q1. How to check if a company is under insolvency?

Check the National Company Law Tribunal (NCLT) website or legal databases for Corporate Insolvency Resolution Process (CIRP) updates.

Q2. Which companies are under NCLT?

A comprehensive list of companies under NCLT for IBC proceedings is not publicly available in a single database. Recent resolution plan approvals (Feb-Apr 2025) include KSK Mahanadi Power, Franco Leone Limited, and 13 others (see previous response for full list). For ongoing cases, check NCLT or IBBI records directly.

Q3. Who is a corporate debtor under the Insolvency and Bankruptcy Code, 2016?

A corporate debtor is a company, limited liability partnership, or other corporate entity that owes a debt to any person or entity, as defined under Section 3(8) of the IBC.

Q4. What are the 4 types of insolvency?

The IBC primarily deals with corporate insolvency, but insolvency types include: Cash-Flow Insolvency: Inability to pay debts as they fall due, Balance-Sheet Insolvency: Liabilities exceed assets, Voluntary Insolvency: Initiated by the debtor for resolution or liquidation and Compulsory Insolvency: Forced by creditors via NCLT due to default.

Q5. Which companies are liquidated in India?

Specific data on companies liquidated in 2025 is unavailable publicly. Historically, over 3,400 cases were admitted under IBC by 2022, with over 50% ending in liquidation. Recent IBBI reports indicate ongoing liquidations, but exact names require NCLT/IBBI record access.