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    SC initiates debate on preventing delays in insolvency resolution of debt-ridden firms

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    “Make the Act (the Insolvency and Bankruptcy Code) work, otherwise everything will go for a six,” the bench said, adding that all the kinds of delays “must stop”.

    Earlier, the cases used to remain pending for years before the Board for Industrial and Financial Reconstruction and the Appellate Authority for Industrial and Financial Reconstruction under the Sick Industrial Companies Act, it said.

    “The only beneficiaries used to be the promoters of the defaulting companies,” the bench said.

    Info- https://realty.economictimes

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