New Delhi, April 21 -- India's Insolvency and Bankruptcy Code (IBC), which was launched with the objective of rescuing distressed assets from promoters who had made a hash of them and returning them to productive use, has led to resolution in the case of 1,376 companies in the last 10 years or so. While there haven't been too many satisfactory resolutions, of those that did deliver, most have gone to India's four largest conglomerates and that too at steep discounts. Effectively, the IBC has become a remarkably efficient machine for concentrating industrial assets in the hands of a privileged few.

A Mint analysis of data from the Insolvency and Bankruptcy Board of India (IBBI) shows how the Adani Group, JSW Group, Reliance Industries, an...