About a year since Tata Steel took over a dying Bhushan Steel for Rs 35,571 crore under the Insolvency and Bankruptcy Code (IBC), the deal remains the biggest case resolved under the new resolution framework. Since its inception, the IBC has had 94 cases resolved, and lenders have, on average, taken haircuts of as much as 55 per cent.
But things are slowly changing now, with some improvements and some areas of concern. Though there is greater acceptance of the new law today, the average time taken for a case to be resolved is also rising, data from the Insolvency and Bankruptcy Board ...
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