Banks have lost an additional income of 4,000 crore due to the delay in resolution of the initial 12 large insolvency cases referred by the RBI last June.
Of the 12 large insolvency cases, only four have been resolved so far. The other cases remain unresolved even after over 450 days of their being admitted by the NCLT.
Of the 816 on-going Corporate Insolvency Resolution Process, about 30 per cent have exceeded the 270-day timeline, which was supposed to be the maximum time allowed for the resolution process under Insolvency and Bankruptcy Code. Another 20 per cent cases have crossed the 180-day timeline, said an ICRA study.
The growing number of applications from creditors is not only challenging the existing infrastructure of the NCLT b…
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