India likely to witness sharp rise in insolvencies in the coming days: MS Sahoo
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“The 2008 financial crisis had witnessed a sharp increase in corporate and personal insolvencies all over the world and that is an indication of the things likely to come in the days to come,” Sahoo said during a virtual conference hosted by the Gujarat National Law University on Friday.
Agencies
The government felt that prepackaged insolvency would be an ideal solution that incorporates the virtues of both a formal and informal insolvency resolution framework, Sahoo said.
Insolvency cases in India are expected to spike in the coming days, as they did world over after the 2008 financial crisis, according to MS Sahoo, chairman of the Insolvency and Bankruptcy Board of India (IBBI).