200 firms under IBC in 7 months, says IBBI chief M S Sahoo

Court appeals help address teething issues; SC judge for quick rollout of cross-border insolvency

In the seven months since the Insolvency and Bankruptcy Code (IBC) became operational, the resolution process for 200 companies has started, said Insolvency and Bankruptcy Board of India (IBBI) Chairman M S Sahoo on Saturday. This includes the 12 large accounts that were referred to the National Company Law Tribunal (NCLT) by the Reserve Bank of India (RBI). 

“A number of steel and power companies have moved the NCLT to file for insolvency, so that they can restructure themselves. Only a few cases have been filed by financial creditors. Debtors and operational creditors have been the ones filling most of