BusinessOnly 394 Insolvency Cases Resolved Under Bankruptcy Law In...

Only 394 Insolvency Cases Resolved Under Bankruptcy Law In Five Years

-

[ad_1]

Only 394 out of the 4,540 cases under corporate insolvency process have been solved in five years

In the last five years since the Corporate Insolvency Resolution Process (CIRP) under the Insolvency and Bankruptcy Code 2016 came into existence, only 394 cases have managed to reach a resolution out of the 4,540 cases which have been admitted under it till June 30, 2021.

According to data provided by the Ministry of Corporate Affairs, the aggregate realisable amount from the 394 cases which have been resolved under CIRP is Rs 2.45 lakh crore. This amount pertains to financial creditors as well as banks.

The Insolvency and Bankruptcy Code, 2016 (IBC) is a bankruptcy legislation, which was passed by the Parliament in May 2016 with the aim of creating a single law for bankruptcy and insolvency.

It was termed as a one stop solution for resolving insolvencies which earlier took a long time to get cleared and often did not offer an economic viable arrangement.

The CIRP is initiated on the basis of default amount and information on the amount of total debt of the corporate debtors under it is not maintained by the Insolvency and Bankruptcy Board of India.

[ad_2]

Source link

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Latest news

St. Louis travelers join thousands impacted by Southwest Airlines cancellations and delays

Southwest Airlines passengers continue to experience travel difficulties Monday, with more flights being delayed or canceled. Flight tracker Flight Aware...

Vols fans raise money for children’s hospital after Ole Miss game

The University of Tennessee was recently fined $250,000 after debris was thrown onto the field during the game against Ole...

Who is Isaiah Russell-Bailey?Age, Height, Parents, Career, Girlfriend, Net Worth

Isaiah Russell-Bailey Biography:- In this article, we talk about Isaiah Russell-Bailey is an American film and television actor. He made...

Who Is Celia Lora?Celia Lora Body, Career, Boyfriend & Net Worth

Celia Lora is a famous model who is rocking the fashion industry since her arrival. So what does makes her...

The Ultimate Guide On How To Recycle Your Old Mattress

Due to the increasing recycling industries and requirements for landfill space, many states and cities have been making mattress...

6 ICONIC PARENT TRAP LOCATIONS THAT YOU CAN ACTUALLY VISIT

Including the Napa Valley Vineyard & Elizabeth James’ Fancy London Home:ICONIC PARENT TRAP LOCATIONS:Despite the fact that it was...

Must read

You might also likeRELATED
Recommended to you