New Delhi, Dec. 2 -- Immediate and targeted steps are needed to boost the efficiency of India's Insolvency and Bankruptcy Code (IBC), as systemic challenges such as delays due to a shortage of judges, uncertainty around finality of resolution plans and lack of accountability among professionals running bankrupt businesses have hampered its potential, the parliamentary standing committee on finance said in a report on Tuesday.

The committee, led by Bharatiya Janata Party (BJP) member of parliament Bhartruhari Mahtab, in its report on the working of IBC tabled in Lok Sabha said that while the code has strengthened creditor confidence and encouraged both domestic and foreign investment, its potential remains hampered by persistent systemic ...