Fifty percent of the cases were filed by operational creditors

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Mumbai, Dt. 25 July 2020, Saturday

Fifty per cent of the 30 bankruptcy cases filed since October 1, 2016, when the insolvency law came into force in the country, have been filed by operational creditors and not by banks, according to the Reserve Bank's Financial Statement.

Since December 2016, about six companies have been sent to various bankruptcy tribunals. Out of these, 216 cases have been settled while 15 cases have been withdrawn. By the end of June, 4,160 cases were pending.

Out of the bankruptcies, 4.5 per cent were filed by operational creditors and 5.61 per cent by financial creditors. The rest of the petitions were filed by corporate debtors, the report said.

In terms of the status of applications, 4 per cent of the ongoing cases have been delayed for more than 30 days.

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