The IBBI–NeSL Colloquium on IBC Performance, Adjudicatory Challenges, and Emerging Reforms was held from 20 September 2025 to 21 September 2025 in Jaipur. The programme brought together Hon’ble Members of the NCLT, senior officials from the Ministry of Corporate Affairs, the Insolvency and Bankruptcy Board of India, and NeSL, along with representatives from leading financial institutions. The discussions focused on IBC performance, delays, and value maximization, alongside key proposals under the IBC (Amendment) Bill, 2025. The Colloquium reaffirmed stakeholders’commitment to improving timeliness, strengthening institutional capacity, and enhancing transparency and governance in India’s insolvency framework.

The Colloquium spanned three days and was designed as a dynamic and interactive platform.

The key takeaways of the event included:

• Reviewing IBC's overall performance, with data-driven assessment of pendency, recovery rates, and the declining trend in admissions, along with targeted recommendations to reduce delays at admission and plan approval stages.
• Examining the IBC (Amendment) Bill, 2025 in comprehensive detail, covering faster admission timelines, the new Creditor-Initiated Insolvency Resolution Process (CIIRP), Group Insolvency and Cross-Border Insolvency frameworks, codification of avoidance transactions, and governance improvements including decriminalization and technology integration.
• Discussing the role and statutory framework of NeSL as India's sole Information Utility, including operational challenges in the RoD issuance process and the strengthening of the IU's mandate under the proposed amendments.
• Deliberating on the unique challenges of real estate insolvency, the evolution of homebuyer rights under the IBC, and the judicial innovation of Reverse CIRP as a mechanism for project completion without third-party bidding.
• Analysing the Supreme Court's ruling in Mansi Brar Fernandes vs. Shubha Sharma & anr., including the distinction between genuine homebuyers and speculative investors and its implications for real estate CIRP admissions.
• Examining the role, obligations, and accountability of Resolution Professionals across the CIRP lifecycle, including compliance with statutory timelines, PUFE identification, valuer appointment, and preservation of the corporate debtor as a going concern.
• Discussing the functioning and accountability of the Committee of Creditors, including issues of voting deadlocks, misuse of commercial wisdom, approval of non-compliant plans, and the need for stronger checks, transparency, and capacity building.
• Examining the scope of challenges to resolution plans, the rights of various objectors, and the legal framework governing dissenting financial creditors, drawing on recent Supreme Court and NCLAT jurisprudence.
• Deliberating on the CoC's powers and limitations when a resolution plan is remitted back, including permissible modifications and circumstances warranting fresh CoC consideration.
• Discussing the legal framework governing withdrawal of CIRP applications under Section 12A at different stages, including the Supreme Court's ruling in GLAS Trust LLC vs. BYJU Raveendran & ORS reinforcing collective creditor interests over bilateral settlements.
• Examining the scope and application of Section 65 of the IBC in penalising fraudulent and malicious initiation of insolvency proceedings, including its application across CIRP, voluntary liquidation, and pre-packaged insolvency.
• Analysing the Supreme Court's judgment in China Development Bank vs. Doha Bank on interpretation of security documents, the substance-over-form approach to financial creditor status, and the effect of moratorium on third-party security obligations.
• Reviewing pendency under Sections 230–232, 241–242, and 271–272 of the Companies Act, 2013 across NCLT benches, and discussing measures to expedite adjudication of merger, oppression, and winding-up matters.
• Deliberating on the impact of landmark Supreme Court and NCLAT judgments on the adjudicatory process of NCLT, reinforcing the doctrine of stare decisis and the role of evolving jurisprudence in strengthening consistency, predictability, and investor confidence in India's insolvency framework.