NEW DELHI: The pandemic and a shortage of members in the National Company Law Tribunal (NCLT) has slowed insolvency resolution by over 45% with cases taking nearly 593 days during the June quarter, latest data showed.
As of March-end, it took 408 days from the insolvency commencement date to the approval of the resolution. A thrust of the law was to provide for a time-bound resolution ideally within 180 days, which could be extended by another 90 days. But with litigation in other forums excluded, it is now taking close to 600 days, according to data with the Insolvency & Bankruptcy Board of India. Nearly 75% of the cases have crossed the 270-day period.
Since the Insolvency & Bankruptcy Code (IBC) came into force in December 2016, 4,541 …
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