NCLT yet to fire fully with over half of admitted cases still unresolved

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NCLT yet to fire fully with over half of admitted cases still unresolved

Of the 1,484 cases admitted at the NCLT (up to end-December 2018) under the corporate insolvency resolution process (CIRP), 898 are yet to be resolved

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It’s two years since the Insolvency and Bankruptcy Code (IBC) was set in place, but we still have some distance to go. Of the 1,484 cases admitted at the NCLT (up to end-December 2018) under the corporate insolvency resolution process (CIRP), 898 are yet to be resolved.

Of these, 31 per cent have already exceeded the 270-day timeline, the maximum timeframe for the resolution process under the IBC. The number of such CIRPs worsened to 275 by end-December from 238 at end-September of the same year; another 18 per cent have crossed the 180-day timeline.

During the period, of the CIRPs which yielded resolution, the average duration was 354 days compared to 340 days.

Source- Business Standard.