IBC Statistics and Outcomes: CIRP and Liquidation Data 2026

Interview boards and essay papers often ask whether the Code has worked. The answer needs numbers. The IBBI publishes cumulative data each quarter in its newsletter. This note sets out the position as of 30 June 2026, explains what the main ratios mean, and links them to the 2026 reforms. The figures are cumulative from December 2016 and will change each quarter, so the trends matter more than the exact counts.

1. CIRPs at a Glance

Figure 1: CIRPs and recovery under resolution plans, as of 30 June 2026

• Admitted. 9,166 CIRPs had been admitted by 30 June 2026, of which 7,301 had closed and 1,865 were ongoing.
• Closure routes. 1,484 ended in an approved resolution plan, 3,074 in a liquidation order, 1,333 in withdrawal under section 12A, and 1,410 on appeal, review or settlement.
• Rescue versus liquidation. Counting plans, withdrawals and settlements, about 4,227 companies, or 58 per cent of closed cases, avoided liquidation; liquidation orders still outnumber plans by about two to one.
• The quarter. In April to June 2026, about 177 CIRPs were admitted, 69 plans approved and 54 liquidation orders made.

Figure 2: How the 7,301 closed CIRPs ended

2. Recovery under Resolution Plans

• Against admitted claims. Creditors realised 30.52 per cent of their admitted claims under approved plans, which means a haircut of about 70 per cent on average.
• Against liquidation value. Realisation was 166.58 per cent of liquidation value, so creditors received far more than they would have in liquidation.
• Against fair value. Realisation was 94.72 per cent of fair value, close to what the assets were worth on a willing buyer basis.
• Reading the figures. A low share of claims alongside a high share of liquidation value shows that much of the value had been lost before the CIRP began; many companies admitted were already defunct or had been through earlier failed schemes.

3. Time Taken

Reported averages place the time to approve a plan at about 633 days, and about 757 days if periods excluded by the NCLT are counted, against the statutory outer limit of 330 days. Delay erodes value, since the company's business deteriorates while the process runs. The 2026 Amendment responds with time limits for orders on admission and plans, mandatory admission under section 7, a three-month limit for the NCLAT under section 61(6), and a bar on withdrawal after the first invitation for plans (Topic 94).

4. Liquidation and Voluntary Liquidation

Figure 3: Liquidation and voluntary liquidation, as of 30 June 2026

• Closures. Of liquidations closed, 972 ended in dissolution, 186 in a sale as a going concern and 19 in a compromise or arrangement; going concern sales were removed from the Liquidation Regulations from 14 October 2025 (Topic 59)
• Realisation. About ₹13,418 crore was realised against admitted claims of about ₹3,43,550 crore, or under 4 per cent.
• Voluntary liquidation. 2,684 voluntary liquidations had been initiated and 1,594 dissolution orders passed (Topic 60)
• Why liquidation recovers little. Most companies reach liquidation after a failed CIRP with little left; many have assets worth a small fraction of their debts.

5. Evaluating the Code

In favour of the Code: recovery under plans is far above liquidation value and well above what the earlier regime of SICA, the RDB Act and winding up produced; the threat of losing control has driven many settlements before or after admission; and the Code changed the relationship between debtors and creditors. Against it: delay well beyond 330 days, low recoveries against claims, a large share of cases ending in liquidation, and limited use of pre-pack and the individual insolvency provisions. The 2026 Amendment targets delay, liquidation and abuse rather than redesigning the core process.

6. Frequently Asked Questions

Where are official IBC statistics published?

In the IBBI's quarterly newsletter and on its website, which report cumulative CIRP, liquidation, voluntary liquidation and individual insolvency data.

What share of their claims have creditors recovered under resolution plans?

About 30.52 per cent of admitted claims as of 30 June 2026, which is about 166.58 per cent of the liquidation value of those companies.

How many CIRPs have ended in liquidation?

3,074 as of 30 June 2026, against 1,484 approved resolution plans.

7. Related Topics

• Topic 83: CIRP vs Liquidation. Rescue and its alternative.
• Topic 94: Amendments 2017 to 2026. How the law changed.
• Topic 96: Revision Chart. The Code at a glance.