86% insolvency cases pending over 270 days
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86% insolvency cases pending over 270 days
TNN / Apr 6, 2021, 04:08 IST
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NEW DELHI: Over 85% of the ongoing corporate insolvency cases have dragged beyond 270 days, which was the upper limit for finalisation of the process.
Latest data released by the Insolvency & Bankruptcy Board of India (IBBI) on Monday showed that up to December, 1,481 of the 1,717 pending cases had extended beyond 270 days.
The four-year-old Insolvency & Bankruptcy Code — which is credited with changing the debt repayment culture —had provided for resolution within 180 days, with a possible extension of another 90 days. But, adjournments and multiple legal challenges in cases have meant that they usually go past the prescribed timelines.