Over 9,600 cases worth Rs 3.75 trn disposed of at IBC pre-admission stage

More than 9,600 cases involving a total amount of nearly Rs 3.75 trillion have been disposed of at the pre-admission stage of the insolvency law process, according to the government.

The Insolvency and Bankruptcy Code (IBC), which came into force in 2016, provides for resolution of stressed assets in market-linked and time-bound manner.

As many as 21,136 applications have been filed under the Code, the corporate affairs ministry said in a release on Sunday.

"9,653 cases involving a total amount of approx. Rs 3,74,931.30 crore have been disposed of at pre-admission stage of IBC," it said.

About 2,838 cases were admitted into the corporate insolvency resolution process (CIRP) and out of them, 306 cases have been closed "by appeal/review/withdrawn", according to the release.

Further, the ministry said that in the 161 resolved cases, the realisable amount is Rs 1,56,814 crore.