Over 9,500 cases worth Rs 3.75 lakh crore disposed of at IBC pre-admission stage

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Over 9,500 cases worth Rs 3.75 lakh crore disposed of at IBC pre-admission stage

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

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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 a 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into the corporate insolvency resolution process (CIRP) and out of them, 306 cases have been closed “by appeal/review/withdrawn”, according to the release.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.

Source- Business Today.