It’s three years since the Parliament passed the Insolvency and Bankruptcy Code (IBC). It was called the biggest economic ‘reform’ of the NDA government. It boosted India’s rankings in the World Bank’s ease of doing business. It was claimed that it will help to solve the problem of NPAs faced by Indian banks and recover outstanding loans. The experience of the last 30 months, since the first case was filed under the new law, shows that the IBC has legalized the loot of public money with banks. The write-off of big amounts of NPAs by banks is now carried out under the order of a court.