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Progress, gaps, and India’s climb in global insolvency rankings

Our second guest blog in the series features Neel Gopalakrishnan, Director at S&P Global Ratings. Neel has written extensively on the Indian Insolvency and Bankruptcy Code, 2016 (IBC), and is an expert on recovery-related aspects of the framework. In December 2025, S&P upgraded India’s jurisdiction ranking, reflecting improved creditor protection and greater predictability under the IBC.

The piece also explores the reforms still needed as India continues to strengthen its insolvency regime.