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250 distressed firms rescued under insolvency law till June: IBBI chief

The Insolvency and Bankruptcy Code has been in force for four years and provides for a time-bound and market-linked resolution framework for stressed assets

M S Sahoo, chairman, Insolvency and Bankruptcy Board of India (IBBI)

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Referring to suspension of provision for filings for insolvency during the Covid-19 period, he said a course correction was required with a limited and clear sunset clause.

Press Trust of India New Delhi

2 min read Last Updated : Sep 17 2020 | 11:49 PM IST

Asserting that rescuing the lives of firms is the main objective of the insolvency law, IBBI Chairperson M S Sahoo on Thursday said that around 250 distressed firms have been rescued through insolvency resolution plans till June 2020.

Referring to suspension of provision for filings for insolvency during the Covid-19 period, he said a course correction was required with a limited and clear sunset clause.

The Insolvency and Bankruptcy Code has been in force for four years and provides for a time-bound and market-linked resolution framework for stressed assets.

"Till June 2020, the Code has rescued about 250 such (distressed) firms through resolution

Topics : Coronavirus M S Sahoo Insolvency and Bankruptcy Code distressed assets IBBI NPA resolution cases

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