Sc: Insolvency And Bankruptcy Matters Must Be Decided In 330 Days

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Sc: Insolvency And Bankruptcy Matters Must Be Decided In 330 Days
14 Sep 2021
4 min read

News Synopsis

The Insolvency and Bankruptcy Code (IBC) process needs certain enhancements, which can contain some legislative modifications. The old bankruptcy law collapsed due to significant delays in litigation in judicial boards, and the new IBC will not suffer the same fate. An applicant cannot change or remove a decision plan that has been submitted by the Committee of Creditors. As a result of the pandemic, the typical recoveries from the IBC course had dropped from 45 percent to 40 percent in four years. In addition, he noted that lenders had had to take 90 percent haircuts in some instances. This might be improved and the time spent to complete the entire process could be shortened, according to Das.

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