The first insolvency case under the new bankruptcy code was filed last month, more than two years after the idea of the code was floated in the first budget of the National Democratic Alliance government led by Prime Minister Narendra Modi in 2014.
The case under the new Insolvency and Bankruptcy Code, 2016, was filed by ICICI Bank Ltd against Pune-based steel maker Innoventive Industries Ltd in the National Company Law Tribunal (NCLT). More are expected to follow.
The resolution of these cases under the new code will be keenly watched and is expected to set precedents on how corporate insolvency cases progress under the new code.
The code provides for a time-bound resolution of these cases but analysts and lawyers point out…
Read the full article at: http://www.livemint.com/Politics/8mI3fXQKoTH6uPmH6cR5cM/Can-new-insolvency-code-overcome-huge-backlog-poor-infrastr.html