To be sure, delays in the insolvency process under the IBC are quite common. It takes an average of 679 days to achieve a resolution, as against 330 days envisaged under the code.
Mint takes a closer look at the reasons for the delay in this case.
How has the insolvency resolution process progressed so far?
In November 2021, the RBI superseded the board of Reliance Capital and appointed Nageswara Rao Y as the administrator. A month later the company was admitted into the corporate insolvency resolution process under the Insolvency and Bankruptcy Code (IBC).
Also read | IBC tale of delay: Speed up insolvency resolution for this reform to shine
Initially, a slew of resolution applicants evinced interest in the bankrupt firm, only to back …
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