Debt resolution process: Rising litigation mars success of IBC

Ruchi Soya Industries where Adani Wilmar has emerged as the H1 bidder is also close to resolution

Six months after the Reserve Bank of India (RBI) deadline for the second list of non-performing assets (NPAs), 17 of the 28 cases have been admitted to the National Company Law Tribunal (NCLT). While resolution process in at least one of the cases has been put in abeyance by a high court, two are close to resolution and as many are facing liquidation. 

Of the cases that have not been admitted, Soma Enterprise was restructured outside of NCLT before the deadline, said a lender. In the case of Anrak Aluminium, the high court stayed insolvency proceedings and lenders approved a