The Centre must brace for a surge in fresh corporate bankruptcy filings after the ongoing pandemic-induced freeze lifts by the end of the financial year. The Insolvency and Bankruptcy Code (IBC) was suspended for six months from March last before being extended to December and subsequently for the full financial year.
Latest Insolvency and Bankruptcy Board of India (IBBI) statistics reveal that at least 73.8 per cent of the Corporate Insolvency Resolution Processes (CIRP) initiated till date has ended up in liquidation. This is attributed to avoidable legal complexities and a lack of matching stakeholder ecosystem and awareness.
Bijoy Pulipra, Company Secretary and Insolvency Professional, told BusinessLine here that it is high time ind…
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