Insolvency and Bankruptcy Code, 2016: Regulatory Architecture, Judicial Evolution, and the role of Artificial Intelligence

Author(s)	Mr. Aman Sharma
Country	India
Abstract	When the Insolvency and Bankruptcy Code was enacted in 2016, it was not just another piece of legislation — it was a statement that India's approach to failed businesses and mounting debt could no longer remain what it had been for decades. The Code superseded more than a dozen laws which overlapped each other, created an entirely new institutional machinery, and put creditors at the heart of the solution. A decade later, the results are mixed but meaningful. This paper examines the IBC from multiple perspectives: the Code's regulatory architecture (the four institutional pillars and the CIRP mechanism); judicial evolution through landmark decisions like Essar Steel and Swiss Ribbons; contemporary challenges including the low adoption of PPIRP for MSMEs, the monumental shift in cross border insolvency via the IBC Amendment Bill of 2025, and personal guarantor proceedings; and finally, the emerging role of Artificial Intelligence in insolvency practice and its implications for the Company Secretary profession. At the end of the paper are some practical recommendations to the IBBI, the legislature as well as the Company Secretary profession.
Published In	Volume 8, Issue 3, May-June 2026
Published On	2026-05-09
DOI	https://doi.org/10.36948/ijfmr.2026.v08i03.77926

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