NEW DELHI: The number of days taken for finalisation of the insolvency resolution plan has dropped from 752 days at the end of the March quarter to 694 days at the end of June, but remains significantly higher than the prescribed 180 days, which can be extended by another 90.According to the latest numbers released by the Insolvency and Bankruptcy Board of India, 78% of the resolution plans have been ongoing for more than 270 days, indicating the extent of delay in the process that was meant to ensure strict timelines so that creditors can realise maximum value from the assets. But, litigation in multiple forums as well as limited capacity in the National Company Law Tribunal have resulted in enormous…
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