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As per information from Insolvency and Bankruptcy Board of India (IBBI), details for the period from 01.04.2020 to 31.12.2020 of the number of companies declared bankrupt in the country after the lockdown was imposed due to COVID-19 pandemic is as under: 283 firms were admitted into corporate insolvency resolution process (CIRP). 76 CIRPs ended in resolution, 128 CIRPs were closed due to withdrawal/appeal or settlement and 189 CIRPs ended in liquidation. 30 corporate persons were disso
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FAQ :
Between 1 April 2020 and 31 December 2020, 283 companies were admitted into the corporate insolvency resolution process (CIRP).
Out of 283 CIRPs, 76 ended in resolution, 128 were closed due to withdrawal, appeal, or settlement, and 189 ended in liquidation.
The Ministry of Corporate Affairs raised the default threshold for insolvency to £1 crore and introduced a temporary suspension of CIRP initiation for a period of six months, extendable up to one year, for defaults occurring from 25th March 2020.
Yes, Section 66 of the Insolvency and Bankruptcy Code was amended to provide protection to directors from personal liability for defaults during the COVID period.
During the period, 30 corporate persons were dissolved or sold as a going concern under liquidation, and 59 were dissolved through voluntary liquidation.
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