I. Introduction
India enacted the Insolvency and Bankruptcy Code, 2016
(IBC) to provide a new and an exclusive framework
for reorganisation and insolvency resolution. One of its objects is
resolution of insolvency of corporate persons, firms and
individuals in a time bound manner. Undue delays had marked the
earlier insolvency and bankruptcy regimes and it was hoped that
this would change with the enactment of the IBC. Unfortunately,
that has not happened. Delays, protracted judicial proceedings and
appeals have marked large number of cases filed under the IBC. As
of June 30, 2020, of the 2108 corporate insolvency resolution
process filed and pending under the IBC (CIRP),
1094, i.e., more than 50% were pending for over 270 days since
their initiation.
