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While the Insolvency and Bankruptcy Code (IBC) envisages resolution within 330 days, the median duration for acceptance of a resolution plan is around 657 days or 1.8 years in industries such as real estate, materials, healthcare and consumer durables. Compared to this, the duration for food & beverage is 1.2 years. Vacancies in the National Company Law Tribunal benches and ever-higher applications by creditors have led to increased workload, pushing up the timelines for completion of the overall resolution.
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