IBC takes 300 days, BIFR took 5-8 yrs: IBBI chairman M S Sahoo

As many as 12,000 cases have been filed since the implementation of the IBC and setting up of NCLT, shows government data

The entire process of debt resolution under Corporate Insolvency Resolution Process (CIRP) takes nearly 300 days compared to 5-8 year time taken under the process prescribed by Board for Industrial and Financial Reconstruction (BIFR), Insolvency and Bankruptcy Board of India (IBBI) Chairman M S Sahoo told Business Standard.

Defending the insolvency and bankruptcy code (ibc) and its effectiveness, the insolvency board regulator chairman said that one has to also look at the cost incurred along with the less time take to understand the impact of IBC.

“One has to look at the IBC process in comparison with the previous regime