In Maharashtra, Governor of Reserve Bank of India (RBI) Shaktikanta Das today said that lenders have recovered 32 percent of their total claims under the Insolvency and Bankruptcy Code (IBC).  Delivering the keynote address at the Conference organised by the Centre for Advanced Financial Learning in Mumbai, Mr. Das said besides the significant positive indications, there are also learnings,  suggesting a need for some course correction. The IBC, which came into force in 2016, is a key legislation aimed at resolving stressed assets in a time-bound and market-linked manner.<br />''<br />''Highlighting the positive aspects, Mr. Das said, in terms of the nature of the resolution, seven thousand and 58 corporate debtors have been admitted for bankruptcy resolution, of which five thousand and 57 cases have been closed as of September 2023. He added that in terms of value, creditors have realised 3.16 lakh crore rupees out of the admitted claims of 9.92 lakh crore rupees as of September 2023. He stated that there has been an increase in the number of cases resulting in resolution with liquidation orders going up from 21 percent in FY18 to 45 percent in FY23.<br />''<br />''<span style="color: #222222;">Calling the absence of a clear framework for group insolvency an impediment in India's insolvency process, Mr. Das expressed the need for framing appropriate principles for group insolvency through legislative changes. He added that amendments to India's bankruptcy law should also focus on a financial creditor-led framework for the resolution of stressed assets.</span><br />