Working, but too slowly: Bankruptcy process must keep to its own timetable

As currently in force, the IBC has a 270-day deadline for settling disputes over NPAs that are referred to the NCLT

The successful sale of Bhushan Steel to Tata Steel on Friday was the first big case to be resolved under the new bankruptcy framework. Among the National Democratic Alliance government's most important acts of economic reform is the introduction of the Insolvency and Bankruptcy Code (IBC). The IBC holds out hope that the current non-performing asset (NPA) crisis, which has caused banks to be heavily burdened by unproductive loans on their books, will be resolved cleanly and swiftly enough that banks will be able to resume normal functioning - thus stimulating investment and growth. Even aside from these business cycle-related