Insolvency Resolution | Endless delays the Achilles heel of bankruptcy law –

Harini Subramani

Its three years since the Parliament passed the Insolvency and Bankruptcy Code, but its implementation is fraught with teething troubles. Endless delays in the resolution process under the code appear to be its Achilles heel. A recent report released by Crisil and Assocham has quoted Insolvency & Bankruptcy Board of India data which says for one-third of the 1143 cases under the corporate insolvency resolution process pending as on March 31, 2019, resolution has been ongoing for over 270 days. The fact that 94 cases resolved under the code took an average resolution time of 324 days highlights the work required to reduce this timeline.

The appointment of an additional 14 judicial members (technical membe…

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