For conglomerates going into bankruptcy, a clearer path is emerging

livemint.com:

₹9.3 trillion have been withdrawn. Improving the outcomes of debt resolution—salvaging the business as quickly as possible and reducing the haircut for creditors—has been a key goal of the government.

IBBI has been trying to address this by quickening the admission of cases in bankruptcy tribunals, and expediting the process of stitching together a revival plan. The NCLT was assigned in June 2016 to handle both Companies Act-related disputes and IBC cases.

The IBC came into force towards the end of 2016, and the cases under the Board for Industrial and Financial Reconstruction (BIFR) were shifted to the NCLT after that. While IBC has achieved significant progress over the erstwhile regime under the Sick Industrial Companies Act, many legacy cases that were transferred from the erstwhile judicial forum, the BIFR to the NCLT that replaced it, have affected the overall statistics of IBC outcomes.