 "Company, firms, board of directors, IBC, insolvency, NPAs, loans")
THE INSOLVENCY AND Bankruptcy Code (IBC) mechanism is ready to take up new corporate insolvency cases once again after a year-long hiatus, which started with the onset of the Covid-19 pandemic.
As many as 1,942 cases are currently going on under the Code (as of September 2020). While more than 1,000 companies have been liquidated, less than 300 have seen resolution, shows chart 1.
Although the suspension — from March 25, 2020, to March 24, 2021 — was only on taking up new cases and not on carrying out existing proceedings, the number of cases gaining closure was significantly lower
