Nearly 53% of the CIRPs (corporate insolvency resolution processes) completed till the end of March have ended in liquidation and solutions have been found for just 13% of the troubled companies. Moreover, the average realisation by financial creditors as a share of the admitted claims was just 43%, according to data from the Insolvency and Bankruptcy Board of India (IBBI), for the period till March 31. Worryingly for lenders, nearly a third of the insolvency cases being processed have already taken over 270 days. The stipulated 270-day deadline has been breached in 362 of the 1,143 ongoing corporate insolvency resolution cases, the data from IBBI reveal. The inordinate delays have prompted banks to sell their stressed exposures to Asset Reconstruction Companies (ARC). As bankers point out, the delays have hurt their cash flows badly. Much of the delay has been caused by frequent litigation with promoters, prospective buyers and operational creditors all looking to get a better deal. Differences in the approaches and viewpoints of the judges on the various benches of the National Company Law Tribunal (NCLT) have also resulted in delays. The case of Essar Steel has dragged on for more than 660 days now and it is not clear when the transaction will be finally completed. The delay has proved to be costly for lenders with State Bank of India (SBI) estimated to be losing `17crore a day. Experts have opined that burdening the NCLT and the appellate tribunals with matters relating to the Companies Act and Competition Act along with the IBC is probably one factor that has made the process more time-consuming. The IBBI newsletter reveals that in absolute terms, 378 companies have seen the liquidation process commence. Another 94 have seen closure through the approval of a resolution plan. Again, 91 corporate debtors (CD) saw closure via withdrawal under Section 12A of IBC while 152 companies saw closure by either an appeal, review or asettlement. \u201cHowever, it is important to note that 75% of the CIRPs ending in liquidation, (283 out of the 378) were earlier with BIFR or defunct. The economic value in most of these CDs had already eroded before they were admitted into CIRP,\u201dthe newsletter said. More importantly, however, the newsletter also reveals that of the 378 cases that ended in liquidation, there were 64 cases where the resolution value was higher than the liquidation value. Another interesting trend the data threw up was the distribution of stakeholders who triggered the resolution process where operational debtors continue to lead. They triggered half the CIRPs or 920 of the total 1,858 cases. While financial creditors triggered 40% of the cases \u2014738 so far \u2014 200 were initiated by the corporate debtors themselves.