Motif-based graph decomposition is widely used to mine hierarchical dense structures in graphs. In bipartite graphs, wing and tip decomposition construct a hierarchy of butterfly (2,2-biclique) dense edge and vertex induced subgraphs, respectively. They have applications in several domains including e-commerce, recommendation systems and document analysis.Existing decomposition algorithms use a bottom-up approach that constructs the hierarchy in an increasing order of subgraph density. They iteratively select the entities (edges or vertices) with minimum support (butterfly count) and peel them i.e. remove them from them graph and update the support of other entities. The amount of butterflies in real-world bipartite graphs makes bottom-up peeling computationally demanding. Furthermore, the strict order of peeling entities results in a large number of iterations with sequential dependencies on preceding support updates. Consequently, parallel algorithms based on bottom up peeling can only utilize intra-iteration parallelism and require heavy synchronization, leading to poor scalability.In this paper, we propose a novel Parallel Bipartite Network peelinG (PBNG) framework which adopts a two-phased peeling approach to relax the order of peeling, and in turn, dramatically reduce synchronization. The first phase divides the decomposition hierarchy into few partitions, and requires little synchronization to compute such partitioning. The second phase concurrently processes all of these partitions to generate individual levels in the final decomposition hierarchy, and requires no global synchronization.Effectively, both phases of PBNG parallelize computation across multiple levels of decomposition hierarchy, which is not possible with bottom-up peeling. The two-phased peeling further enables batching optimizations that dramatically improve the computational efficiency of PBNG. The proposed approach represents a non-trivial generalization of our prior work on a two-phased vertex peeling algorithm [30], and its adoption for both tip and wing decomposition.We empirically evaluate PBNG using several real-world bipartite graphs and demonstrate radical improvements over the existing approaches. On a shared-memory 36 core server, PBNG achieves up to 19.7× self-relative parallel speedup. Compared to the state-of-theart parallel framework ParButterfly, PBNG reduces synchronization by up to 15260× and execution time by up to 295×. Furthermore, it achieves up to 38.5× speedup over state-of-the-art algorithms specifically tuned for wing decomposition. We also present the first decomposition results of some of the largest public real-world datasets, which PBNG can peel in few minutes/hours, but algorithms in current practice fail to process even in several days. Our source code is made available at https://github.com/kartiklakhotia/RECEIPT.