New registration of insolvency professionals on downhill trek
bankruptcy resolutions, have been dwindling almost steadily since scaling a peak in 2017-18, presenting a new challenge for authorities amid bid to cut delays in the rescue of stressed firms.
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Just 77 got themselves registered as IPs in the first half of the current fiscal, showed the latest Insolvency and Bankruptcy Board of India (IBBI) data.
Barring 2021-22, the numbers have dropped each year since the record registration of 1,716 IPs in 2017-18. In the post-pandemic period, 506 got themselves registered in 2020-21, 549 in 2021-22, 209 in 2022-23 and just 116 in 2023-24. While the registration this fiscal may top last year's record low level, it will still be way off the peak, analysts said.
Inadequate compensation, fears of investigation even after bankruptcy resolutions are over, heavy workload of managing the affairs of stressed firms during insolvency and stretched litigations are among the reasons for the sharp fall in registrations, they added.
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