THE DELAY IN completion of corporate insolvency resolution proceedings (CIRP) under the Insolvency and Bankruptcy Code (IBC) is a cause for concern, Reserve Bank of India (RBI) governor Shaktikanta Das said on Thursday, adding that 67% of ongoing cases have breached the 270-day deadline set for completion.
"The code envisages a timebound process, requiring the completion of the CIRPwithin 180 days, with a one-time extension by up to 90 days in exceptional circumstances. The data published by the IBBI, however, raise certain serious concerns," Das said.
According to the data, 67% of the ongoing CIRP cases as on September 30 have already crossed the total timeline of 270 days. More concerning is the fact that the average time taken for admission of a case during FY21 and FY22 stood at 468 days and 650 days, respectively. Das said such long delays will substantially erode the value of assets.
Bu hikaye Financial Express Mumbai dergisinin January 12, 2024 sayısından alınmıştır.
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Bu hikaye Financial Express Mumbai dergisinin January 12, 2024 sayısından alınmıştır.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
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