India, March 26 -- Opposition members in the Lok Sabha criticised the Insolvency and Bankruptcy Code (IBC) on Wednesday, arguing it has failed to deliver timely resolutions due to tribunals' limited capacity, overburdened with cases, while the BJP defended the 2016 law and accused the Opposition of clinging to "license raj" mindsets from the Nehruvian and Indira Gandhi eras.

Participating in the debate on the Insolvency and Bankruptcy Code (Amendment) Bill, 2025, which has been brought afresh based on the recommendations of a select committee of the lower house, Opposition members also claimed that the code has become a tool to "rip" the assets of entities.

Hitting back at the Opposition over criticism of the Insolvency and Bankruptcy C...