While the number of insolvency cases are expected to pile up over the next few quarters, timely conclusion of cases within the law mandated 180-270 days can free up as much as Rs 67,000 crore to the system, says a report.
Since the bankruptcy law came into being from May 2016, close to 3,000 companies have been sent to various NCLTs for resolutions of which only 586 have been closed so far while 63 have been withdrawn after the law was amended last year under which Section 12A has been inserted into the original law.
According to Icra, as of December 2018, as many as 898 corporate insolvency cases are awaiting a resolution as against 768 cases as in September 2018. Up to December 2018, only 79 cases have yielded a resolu…
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