India’s Insolvency Code at Eight, in 25,106 Orders
A data-driven chronicle of the Insolvency and Bankruptcy Code (IBC), drawn from the entire public-facing IBBI judgments corpus — every order from the Supreme Court, the NCLAT, the NCLT benches, the IBBI Disciplinary Committee, the High Courts, the DRT, and the disciplinary forums of the Insolvency Professional Agencies, from 2017 to the end of 2024.
A first issue.
Of every hundred companies the Code admits into resolution, twenty-seven emerge with a plan, nineteen end in liquidation, twenty walk out the withdrawal door, and the remaining third are still inside.
In this issue
Part I — How the machine actually works
How a CIRP Actually Works · The CIRP Funnel · Section 7 vs Section 9
Part II — The forums that decide
Top 25 Precedents · The Supreme Court’s Bookshelf · NCLAT, the Appellate Filter · NCLT, Where IBC Lives
Part III — What the Code does to people
The Personal Guarantor Wave · The Promoter Bar · When Resolution Fails · Policing the Profession · The Frontier
Three feature stories
The Saga That Wouldn’t Settle — one steel plant, twenty-eight Supreme Court orders, and the doctrine that never quite landed.
The Day Personal Guarantors Came Onshore — one Supreme Court judgment, 1,492 cases that followed.
The Court Case That Shut BYJU’s Escape Hatch — the 61-page Supreme Court judgment that closed the Section 12A door and dropped withdrawals from 296 in 2022 to 59 in 2024.
Issue One · May 2026 · Legal Wires