65% of the IBC's processing companies are in the construction and manufacturing sectors

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Mumbai, Ta. August 14, 2019, Wednesday

Since the insolvency and bankruptcy code (IBC) was implemented in the country in the 5th, 8% of the companies facing the bankruptcy process are in the construction, real estate and manufacturing sectors.

According to information provided by the Insolvency and Bankership Board of India (IBBI), about 5% of all companies under stress are in the manufacturing sector.

Hotels, restaurants, transportation and communications trade with service sector companies are also experiencing severe financial constraints and 5 per cent of the 5 cases before the bankership tribunals belong to the service sector company.

In fiscal year 1, India's economic growth rate was 8.7 percent. In the March quarter, the country's economic growth rate was at a five-year low, with a growth rate of 5.5 percent. Compared to India, China's economic growth rate was 8.5 percent in the March quarter.

India is also experiencing economic slowdown due to the trade war between China and the United States.

Finance Minister Nirmala Sitaram met with several industry leaders last week in view of the recent downturn in various sectors of the country. At present, the auto sector is also in severe decline.

Of the lawsuits filed under the IBC, lenders have been able to get 5% or even a trillion rupees back from their claims of Rs 5.5 trillion.

A total of 5 cases were left unresolved in various bankers tribunals in the country at the end of June 3, of which there are six cases in which the 3-day limit for finding a solution plan has been exceeded. Under the recent amendments, this period has been extended to 3 days.


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