The speed of resolution process has to improve so as to make the Insolvency and Bankruptcy Code (IBC) more responsive to the large number of corporate debtor cases pending said MS Sahoo. Sahoo said: The IBC has been one of the biggest reforms the country has undertaken so far, and this grants the ultimate freedom to exit. The outcome has been very encouraging so far, and the disposal has been quite quick. The IBC provides a formal market mechanism to deal with failures, he added. Sahoo said: Over the last two years, there has been rapid strides made in the implementation of the code. We have the entire ecosystem and regulatory framework in place now. About 1,300 corporate debtor cases have been admitted into the corporate resolution process and, of these, 300 have completed the process either through liquidation or resolution. Ashok Kumar Mishra, pointed out that nearly 12,000 cases have been referred so far, and about one-third were resolved even before the admission stage, given the teeth the code has assumed over the last two years.
