IBBI chief Ravi Mital stated on Thursday that “overregulation is not a solution” after instances of significant delays in the insolvency resolution processes of several corporations. Since the Insolvency and Bankruptcy Code (IBC) went into effect in late 2016, there have been about 650 resolutions of corporate entities that are heavily indebted. Insolvency and Bankruptcy Board of India (IBBI) investigation revealed that while the IBC is for resolutions, it is being judged on the basis of performance or haircuts, Mital said, while recognising that the IBC has problems with delays and haircuts among other things.
