In the September quarter, 60 per cent of cases were liquidated under the IBC

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Mumbai, Ta. 15 December 2020, Tuesday

More than 80 per cent of the corporate insolvency resolution process, which ended in July-September this year, has been liquidated. According to data from the Insolvency and Bankruptcy Board of India, out of 114 cases completed in September, eight companies have been forced into liquidation.

The increase comes despite the Centre's decision not to file new cases under the Insolvency and Bankruptcy Code (IBC) until December 30 because of Corona. If new cases had been filed, the situation could have been even worse, said one expert. Under IBC, which came into force in 2012, stress is resolved in a timely manner. If it is not resolved within time, it will lead the company to liquidation.

The Corona era has seen a lack of investor interest in assets under stress. Corona is currently experiencing a financial crunch but solutions are not proving to be sufficient which is why it is time to liquidate those assets.

The analyst added that liquidity cases will continue to rise until confidence is established in the industry. At present, 80 per cent of the eight liquidation cases, or about 50 cases, have been pending for more than a year.

Investor interest is expected to grow in 2021 and if that happens, next year will see fewer liquidation cases.

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