Delays in top 12 corporate insolvency cases cost lenders Rs 40 billion

Around 241 companies were sent for liquidation under the IBC by various NCLT benches and in only 58 cases have the resolution plans been accepted by the NCLT, the IBBI data shows

The resolution of corporate debtors under the Insolvency and Bankruptcy Code (IBC), nearly two years since its inception, is facing a significant challenge to resolve cases in a time-bound manner.

Delays in the Corporate Insolvency Resolution Process (CIRP) and the significant rise in the number of applications being moved against defaulting corporations, are a burden on the existing infrastructure of the National Company Law Tribunal (NCLT), an Icra report has stated.

“…the growing number of applications has already challenged the infrastructure of the NCLT, thereby raising concerns on the effectiveness of the resolution process if it continues to face significant