3 years on, just 6% resolution plans accepted under IBC, says report

Of the 2,162 cases admitted under the IBC, corporate insolvency resolution process of 1,292 cases are going on

3 years on, just 6% resolution plans accepted under IBC, says report
Subrata Panda
1 min read Last Updated : Aug 20 2019 | 12:28 AM IST
With the Insolvency and bankruptcy process closing in on three years of existence, a look at the data shows that only 6% of the cases admitted under IBC since January 2017 saw their resolution plan passed by the tribunal. Of the 2,162 cases admitted under the IBC, corporate insolvency resolution process of 1,292 cases are going on, of which 445 have seen their CIRP process go beyond 270 days — the prescribed time limit for presenting a resolution plan, failing which the company goes into liquidation. 

Source: IBBI

Topics :Insolvency and Bankruptcy CodeIBCinsolvent companiesIBC ordinanceIBC rulesIBC proceedingIBC proceedings

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