Coimbatore: The continuing increase in the number of cases and lengthy duration of resolution is turning out to be the primary sources of concern in the corporate insolvency resolution process (CIRP) under IBC (Insolvency and Bankruptcy Code).
The number of cases admitted to the National Company Law Tribunal (NCLT) under CIRP stood at 264 in Q3 of FY19, the highest in a quarter ever since IBC came into effect. About 49% of the cases currently under insolvency process have crossed 180 days, the time limit set for resolution under IBC, which can be extended by another 90 days, since admission as of Q3 of FY19. The average time for resolution was about 317 days for all resolved cases till Q3.
Out of 898 ongoing processes, 275 cases have pa…
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