Insolvency process: Need more efficiency to fast-track resolution

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Published: November 7, 2019 5:14:05 AM

Resolution of as many as 36% of the 1,497 ongoing cases in the bankruptcy courts until September 30 were delayed beyond 270 days.

Insolvency process, bankruptcy courts, financial creditors, Bhushan Power & Steel, fast-track resolutionIn the September quarter, recovery (realisable amount) by financial creditors was Rs 27,064 crore or 34.4% of the admitted claims, thanks mainly to Rs 19,350 crore to be got from Bhushan Power & Steel.

Despite efforts to fast-track insolvency resolution, the process is yet to gather the required pace owing to a spate of litigation. Resolution of as many as 36% of the 1,497 ongoing cases in the bankruptcy courts until September 30 were delayed beyond 270 days.

In the September quarter, recovery (realisable amount) by financial creditors was Rs 27,064 crore or 34.4% of the admitted claims, thanks mainly to Rs 19,350 crore to be got from Bhushan Power & Steel.

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