IBC resolution plans take 582 days on average, liquidation process takes 499 days: Survey

A survey on insolvency and bankruptcy resolution plans revealed that the average resolution takes 582 days, while liquidation processes typically take 499 days. The survey highlighted the efficiency gaps in the insolvency process, with a significant difference in time between resolution and liquidation proceedings. It called for faster and more efficient handling of cases to streamline the insolvency process. The findings are expected to prompt legal and regulatory reforms aimed at reducing delays and improving the overall functioning of insolvency procedures.