Out of 4531 cases filed in bankruptcy court till June, 2859 cases were settled

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New Delhi: As of June this year, about 5 per cent or 12 cases of bankruptcy have been filed under the Bankruptcy Act, but in most of them, the financial value has declined even before the corporate insolvency resolution process begins. By the end of June, a total of 21 CIRPs (Corporate Insolvency Resolution Process) had been initiated, of which eight were closed.

According to the latest quarterly newsletter of the Insolvency and Bankruptcy Board of India (IBBI), 1,3 of these CIRPs went into liquidation, while resolution plans for eight cases were approved. The IBBI said about 3 per cent of the closed CIRP went into liquidation, while a resolution plan was approved for 12 per cent.

The circular further said that however, 6 per cent of CIRPs (1,011 out of 1,311) that went into liquidation were previously in the Board of Industrial and Financial Reconstruction (BIFR) or were inactive. The economic value of most of these corporate debtors was almost completely destroyed before they came into the CIRP.

The asset value of these corporate debtors was about seven percent of the average outstanding loan amount. Concerns have been raised in recent days that resolution proposals for companies falling under the Insolvency and Bankruptcy Code (IBC) are drastically reducing the recovery of arrears and sending many companies into liquidation. IBC law for five years


Comments

  1. VigneshAugust 9, 2022 at 5:11 AM

    Businesses recover value after they go through a process of liquidation. This happens when a business is unable to pay its debts; it undergoes a process of bankruptcy and liquidation

    ReplyDelete

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