Statsguru: IBC mechanism ready to take up cases after a year-long hiatus

THE INSOLVENCY AND Bankruptcy Code (IBC) mechanism is ready to take up new corporate insolvency cases once again after a year-long hiatus, which started with the onset of the Covid-19 pandemic. As many as 1,942 cases are currently going on under the Code (as of Septem­ber 2020). While more than 1,000 com­p­anies have been liquidated, less than 300 have seen resolution, shows chart 1. Although the suspension — from March 25, 2020, to March 24, 2021 — was only on taking up new cases and not on carrying out existing proceedings, the number of cases gaining clos.....

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