We didn't expect flood of insolvency cases, says IBBI chairman M S Sahoo

Around 200 insolvency resolution applications have been filed since the suspension on provisions of the Insolvency and Bankruptcy Code (IBC) ended on March 24, M S Sahoo, chairman of the Insolvency and Bankruptcy Board of India (IBBI), said on Wednesday.

“We did not expect that there would be a flood of cases after the (end of) suspension. Now numbers show the same,” Sahoo told Business Standard.

He also said that not many applications had been filed under the prepackaged scheme brought in for micro, small and medium enterprises (MSMEs). The IBBI, however, is holding awareness programmes for banks to promote the prepackaged