IBC, 2016 is one legislation for which the data is readily available and accessible for everyone to pass their respective verdicts. Similarly, out of 2,249 CIRPs that ended up in liquidation, it took an average of about 472 days to conclude from the liquidation commencement date (LCD). Further, about 597 liquidation procedures were closed by submission of final reports, and these took an average of about 536 days from the very LCD. On another note, voluntary liquidation procedures were completed and closed by submission of final reports within 408 days from the LCD. Is the judicial system responsible for this mismatch, or should there be some soul-searching in the banking system under the previous regime?

Source: The Hindu January 12, 2024 03:16 UTC