IBC is finding more takers, but the process is getting painfully slower

There is a higher degree of asset resolution in cases where the claims are smaller, while high-profile cases are ending up with bigger haircuts

The biggest success story under the Insolvency and Bankruptcy Code (IBC) so far, the resolution of a dying Bhushan Steel and the process of takeover by Tata Steel for Rs 35,571 crore, would complete one year in a few days.

In the 94 resolved cases since the inception of IBC, lenders have taken haircuts of as much as 55 per cent on average. Apart from this obvious area of concern, however, the IBC is stabilising and finding more acceptance. But at the same time, it is becoming more burdened, giving way to more and more litigation, and has possibly been treating