Two years of IBC: Resolution for just 34 defaulters out of 91 cases

One major issue in the implementation of the IBC and CIRP is that the strict prescribed time-lines for finding resolutions has not been adhered to, uniformly across cases

Over 977 companies have been admitted under the Corporate Insolvency and Resolution Process (CIRP) since the implementation of the Insolvency and Bankruptcy Code (IBC) in 2016. During the April-June quarter 244 corporate defaulters were freshly admitted under the CIRP and around 716 corporate defaulters are still undergoing the process as of date. 

About 91 of the IBC cases filed against corporate debtors were closed upon ‘appeal and review’ and only 34 cases have seen successful resolutions as of the end of June under the CIRP, according to data from the Insolvency Bankruptcy Board of India (IBBI). 

During the January to March quarter,