The Government is considering increasing the number of benches in BIFR, the quasi-judicial body that looks at revival of financially sick companies, Finance Minister Pranab Mukherjee said yesterday. Board of Industrial and Financial Reconstruction (BIFR) currently has only three benches, which is one of the reasons why revival or winding up cases get dragged for years.
“Review of performance and expanding the number of benches (in BIFR) is under consideration of the Government,” Mukherjee said during Question Hour in the Rajya Sabha.
He, however, said the Government cannot fix a time frame for disposal of cases referred to it as BIFR was a quasi-judicial body.
Minister of State for Finance Namo Narain Meena said of the 7,472 cases received by BIFR, 4620 were disposed of and 1,031 cases were pending. 744 companies have been declared sick and winding up recommended in case of 1,229.
Certain delays do occur, he said.