Deadline 14 days, but time to decide on admitting insolvency cases goes on

Resolution professional in Anil Ambani insolvency case says that it had been more than a year since a suit for recovery was filed against the businessman

Company law tribunals have 14 days to admit or reject an insolvency case, but official data shows that not one application was admitted in this period.

A discussion paper by the Insolvency and Bankruptcy Board of India lays down the time taken for admission of Section 9 applications (to start insolvency proceedings) in the last two financial years:

The resolution professional (RP) in the Anil Ambani insolvency case sought an urgent hearing of the matter, saying that it had been more than a year since a suit for recovery of Rs 1,200 crore loan was brought against the