180 days too long to resolve insolvency cases: Bankruptcy board chief Sahoo

Tells lawyers to take up issue of compulsory quoting fees directly with the Bar Council

While adhering to a timeline of 180 days for resolution under the Insolvency and Bankruptcy Code (IBC) is important initially, going forward, the system would need to evolve so that it does not take that much time to finalise resolutions, said M S Sahoo, chairperson, Insolvency and Bankruptcy Board of India (IBBI).

In the initial stages of implementation of the code, such a timeline it would appear too less, but as the system evolves, one would find that it is too long. There was a time when the transfer of shares could be could not be effected in 60 day's time