March 7, 2020 4:40:19 am
A Supreme Court judge on Friday cautioned that delays had started emerging in processes under the Insolvency and Bankruptcy Code (IBC) and urged all stakeholders to come together to avert this.
Speaking at the Colloquium of Members of National Company Law Tribunals and National Company Law Appellate Tribunal on ‘Judicial Sensitisation on Insolvency Law and Associated Best Practises’, Justice N V Ramana hailed the work of the tribunals and said that according to a recent report, the realisable amount through cases resolved under the IBC as on February 2020 amounted to around Rs 3.57 lakh crore.
He said under the earlier regime, one of the major issues was delay in proceedings, which resulted in largescale reduction in the value of assets of companies.
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