The IBC Files

A 20-part empirical record of corporate insolvency, intangible asset destruction, and the personal cost of manufacturing under India’s Insolvency and Bankruptcy Code.

In 2016, India sold the Insolvency and Bankruptcy Code as an economic hospital. On the ground, manufacturing founders often met a bank debt-collection bludgeon — freezing the builder, idling the plant, and converting a working enterprise into scrap math.

This hub is the unified field record: Parts 01–15 from the original IBC Files, Parts 16–19 absorbed from The Manufacturing Mirage (patents, VC hardware, liquidation machine, and reform), and Part 20 on paper valuation and zero brand. Live URLs are unchanged.

“The IBC was sold to India as an economic hospital to heal distressed enterprises. In reality, it operates as a slaughterhouse where viable factories are dismantled for scrap, suppliers receive zero, and the builder is stripped of everything to subsidize institutional failure.”

01All 20 Parts

1. Part 01IBC Amendments: Who Do They Really Serve?
2. Part 02The Broken System: How IBC, Banks & Bureaucracy Destroy Manufacturing
3. Part 03IBC: A Debt Trap for Entrepreneurs — My Personal Ordeal
4. Part 04Fair Value vs Liquidation Value Under the IBC
5. Part 05Section 29A: The Law That Bars Promoters from Bidding
6. Part 06What Happens in CIRP? 180 Days of Founder Helplessness
7. Part 07What Happens in NCLT Liquidation? The Su-Kam Case
8. Part 08The Entrepreneur as Criminal: The Human Cost of the IBC
9. Part 09Personal Insolvency Under IBC: The Personal Guarantee Trap
10. Part 10IBBI Penalised Both the RP and the Liquidator — But Nobody Compensated the Entrepreneur
11. Part 11The Silent Bloodbath: How IBC Wipes Out Operational Creditors
12. Part 12The Car and the Factory: Why India Grants More Dignity to a Car Defaulter Than to an Industrial Builder
13. Part 13The Home Loan vs. The Factory Loan: How Indian Law Protects the House, but Destroys the Builder
14. Part 14Why the Subhash Chandra Case Must Force a Rewrite of India’s Personal Insolvency Law
15. Part 15The Great IBC Paradox: How Bureaucracy Destroys What Founders Spent Decades Building
16. Part 1677 Patents Dispersed: After IBC, China Filled the Markets Su-Kam Built
17. Part 17Billions Raised, Factories Quiet: The VC Hardware Graveyard
18. Part 18The IBC Liquidation Machine: Videocon, Educomp, Hero Electric
19. Part 19What Needs to Change: Section 29A, the Clock, and a Manufacturing Comeback
20. Part 20Paper Valuation, Zero Brand: How IBC Priced Su-Kam Without a Floor Audit

Parts 16–19 were previously published as The Manufacturing Mirage. That hub now redirects here. Policy whitepapers remain under Manufacturing Policy.