Govt working on an integrated platform for insolvency ecosystem

Anita Shah Akella, Joint Secretary at the MCA at a conference said that the ministry is working on having an integrated platform for the insolvency ecosystem. The platform will connect key bodies like MCA, IBBI, NCLT, NCLAT and insolvency professionals, among others. 

The Insolvency and Bankruptcy Code (IBC), introduced in 2016, aims for a time-bound and market-linked resolution of stressed assets, but delays in the resolution process have been an issue. 

The official data shows that 1,963 Corporate Insolvency Resolution Process (CIRP) cases are ongoing, with 1,388 of them exceeding the 270-day time limit. The IBC aims to rescue stressed assets, not just recover funds.