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Till September, 421 cases resolved under insolvency law: Govt

As of September 30, a total of 4,708 CIRPs were initiated under the IBC

IBC | Insolvency and Bankruptcy Code

Press Trust of India  |  New Delhi 

gavel, Insolvency, IBC, firms
Corporate Insolvency Resolution Process (CIRP) is conducted as per the provisions of the Insolvency and Bankruptcy Code (IBC)

As many as 421 cases involving a realisable value of Rs 2.55 lakh crore were resolved and 1,149 cases having a liquidation value of Rs 52,036 crore went for liquidation under the insolvency law till this September, the government said on Tuesday.

Corporate Insolvency Resolution Process (CIRP) is conducted as per the provisions of the (IBC).

As of September 30, a total of 4,708 CIRPs were initiated under the

"The realisable value of 421 cases which were resolved through a resolution plan as on 30th September, 2021 is Rs 2.55 lakh crore for all creditors, including financial creditors. The liquidation value of these companies was Rs 1.48 lakh crore.

"If no resolution plan is received or no resolution plan is approved by the Adjudicating Authority, the corporate entity proceeds to liquidation. Till 30th September, 2021, 1,419 CIRPs have yielded orders for liquidation, having liquidation value of Rs 52,036 crore," Finance and Corporate Affairs Minister Nirmala Sitharaman told the Rajya Sabha on Tuesday.

In a written reply, the minister also said the total amount of admitted claims of financial creditors in respect of 421 corporate debtors, which have been resolved through a resolution plan, is Rs 7.19 lakh crore while the amount realisable is Rs 2.46 lakh crore.

"The Insolvency and Bankruptcy Board of India, the Regulator under IBC, maintains data on admitted claims and realisable claims, for each corporate debtor under CIRP," she added.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

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First Published: Wed, December 08 2021. 01:16 IST