IBC Bill: Pressure on NCLT benches as 330-day deadline for resolution looms

More than 500 corporate insolvency cases will have less than three months to complete their resolution or face the prospect of liquidating firms as soon as the proposed amendments to the three-year-old Insolvency and Bankruptcy Code (IBC) are passed in Parliament.

Big IBC cases such as those of Amtek Auto, Bhushan Power & Steel, Era Infra Engineering, and Jaypee Infratech have gone well beyond the 270-day deadline set under the IBC to finalise a resolution plan.

Concerned about extensive litigation, causing delays and hampering value maximisation, the corporate affairs ministry has proposed a fresh deadline of 330 days, putting pressure