The Insolvency and Bankruptcy Code (IBC) has catalysed the recovery of around Rs 3 lakh crore from various default cases, directly or indirectly, since its inception in 2016, corporate affairs secretary Injeti Srinivas said on Saturday. The average recovery in the 60-odd insolvency cases that have seen resolution over the past two years has been to the tune of 46%, against just 26% under the earlier Board for Industrial and Financial Reconstruction (BIFR) regime, Srinivas said, highlighting the effectiveness of the nascent insolvency framework. Explaining the numbers, the secretary said while the resolution of the 60 cases have so far yielded around Rs 71,000 crore, some Rs 50,000 crore is expected to be recovered from Essar Steel, which is at the advanced stage of being resolved. Also read: IL&FS to put up to 10 group companies on sale These apart, around 3,500 cases involving defaults of Rs 1.2 lakh crore were withdrawn from the National Company Law Tribunals (NCLTs) before applications were admitted by the adjudicating authority, suggesting that creditors might have recovered money from debtors by just issuing threats of the IBC. Non-performing assests (NPAs) worth another Rs 45,000-50,000 crore were converted to standard accounts after the borrowers had paid back, ostensibly due to fears of the IBC being invoked by the lenders. At an event organised by Ficci, Srinivas also called upon the principal stakeholders of the insolvency ecosystem \u2014the NCLTs, the committee of creditors and resolution professionals \u2014 to work towards expediting the resolution process. Speaking on the occasion, Insolvency and Bankruptcy Board of India chairperson MS Sahoo was critical of the tendency of some stakeholders to blame the oversight mechanism for any delay in resolution. He pitched for greater coordination and cooperation between the committee of creditors and resolution professionals to speed up the process. Also read:\u00a0India\u2019s bankruptcy law: Lenders, take note! This act helps only vigilant creditors, not sleeping ones Hailing the IBC as a potent weapon in the fight against stressed assets, Sahoo, however, said the code doesn\u2019t claim to be a panacea of all ills and relying solely on it to set right every case isn\u2019t advisable. \u201cExclusive reliance on IBC to sort out every matter is not right,\u201d he said. There have been instances where insolvency applications were filed with the NCLTs without much merit, which has served only to clog the adjudicating system.