Delays in the admission process continue to be a challenge in the insolvency cases in India, said Ravi Mital, chairperson of the Insolvency and Bankruptcy Board of India (IBBI) on Thursday. He stated that a new framework being planned is aimed at making resolution faster and more efficient without compromising the rights of stakeholders.
“The proposed amendments (to Insolvency and Bankruptcy Code) are designed in a way that we expect that the resolution process will be completed faster. The time taken in the admission of a resolution plan has been further reduced. Under the new amendments, a time has been prescribed now for the adjudicating authority to approve the resolution plan,” Mital said.