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Financial creditors realise 221% of liquidation value and 51% of admitted claims through corporate insolvency resolution process As per inputs received from the Ministry of Corporate Affairs (MCA), corporate insolvency resolution process (CIRP) under the Insolvency and Bankruptcy Code, 2016 (IBC), was initiated by banks in the 12 large accounts that were referred by the Reserved Bank of India. This was stated by Union Minister of State for Finance Dr Bhagwat Kisanrao Karad in written reply to
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FAQ :
The Insolvency and Bankruptcy Code, 2016 (IBC) is a law in India that governs the insolvency, bankruptcy, and liquidation processes for companies and individuals.
CIRP is a process under the IBC designed to resolve the insolvency of corporate debtors, aiming to revive the company or ensure a better outcome for creditors.
Financial creditors realised Rs 1.16 lakh crore, which is 221% of the liquidation value and 51% of the admitted claims.
Financial creditors had an aggregate outstanding claims of Rs 3.45 lakh crore against these corporate debtors.
The liquidation value for the eight corporate debtors that were resolved was Rs 0.52 lakh crore.
CIRP is ongoing in respect of two corporate debtors, and two corporate debtors are undergoing liquidation.
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