The implementation of the Insolvency and Bankruptcy Code (IBC) may have given banks a major tool to deal with bad loans, but the latest numbers show only a 13 per cent resolution, with lenders having to take an average haircut of over 50 per cent.
Numbers put out by the Insolvency and Bankruptcy Board of India (IBBI) show that 359 cases were admitted for the corporate insolvency resolution process (CIRP) during the January-March quarter, of which only 14 cases were approved for resolution and liquidation commenced for 73 debtors.
While it is a little more than two years since the provisions relating to the CIRP came into effect, the IBBI data showed that by the end of March 2019, the total number of cases admitted stood at 1,858. Of these…
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