'IBC is a road under construction,' says IBBI chairperson M S Sahoo

Insolvency and Bankruptcy Board of India (IBBI) Chairperson M S SAHOO says 90 per cent of companies applying for corporate insolvency resolution process (CIRP) closed before or after admission. In conversation with Ruchika Chitravanshi, he says after disposal of pre-Insolvency and Bankruptcy Code (IBC) legacy matters, liquidations will be fewer. Referring to the pre-pack scheme of insolvency resolution for micro, small and medium enterprises (MSMEs), he says it takes three-six months for the market to understand a new framework. He says the IBC is a road under construction. Edited excerpts:

You recently said liquidation is minimal under the IBC regime