Three years ago, the government passed a consolidated framework for insolvency and bankruptcy. The objectives of the code were clearresolution of corporate entities, partnership firms and individuals in a time-bound manner for:
- Maximisation of value of assets.
- Promoting entrepreneurship, availability of credit.
- Balancing the interests of all stakeholders.
But 30 months and 1,858 cases later, the jury is still out on the success of the IBC in achieving these goals. Yes, some 700 cases stand closed, as per data on the Insolvency and Bankruptcy Board website, but of those 152 were closed on appeal or review or settled, 91 withdrawn, 378 have ended in liquidation and 94 have ended in approval of resolution plans. 1,143 cases are still ongoing.
De…
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