When the Centre constituted the insolvency and bankruptcy board, the intention was timely restructuring of a company’s finances. Six months since the initial cases were filed, some corporates have willingly chosen the code, while others have resisted the proceedings.
The Insolvency and Bankruptcy Board of India (IBBI) chairman M S Sahoo, in a recent interaction with Business Standard, said the Insolvency and Bankruptcy Code (IBC) would only be successful in the long run. Sahoo said, “I don’t expect many cases to successfully complete resolution within 180 days right in the beginning. It will take time. In the long run, things will stabilise.”