Kolkata, Nov 3 (IANS) As many as 1,198 corporates were admitted into the resolution process under the Insolvency and Bankruptcy Code (IBC) by September end, of which 52 yielded resolution while 212 resulted in liquidation, an official said here on Saturday.
“As of September 30, 1,198 corporates were under insolvency resolution process. So far, about 52 resolutions have been taken place,” Insolvency and Bankruptcy Board of India (IBBI) Whole Time Member Navrang Saini said.
According to the board, about 212 cases resulted in liquidation and 118 were closed on appeal or review.
“Maximum cases come from BIFR and that is why number of liquidation is high. We are focusing on resolutions,” he said at a session organised by the Merchants’ Chamber of Commerce and Industry.
Saini said average recovery under the corporate insolvency resolution processes was around 50 per cent while in some cases the same was more than 65 per cent or even 100 per cent.
IBBI’s Chief General Manager I. Sreekara Rao said around 192 cases, regarding preferential, fraudulent, undervalued and extortionate (PFUE) transactions, have so far been filed before different benches of National Company Law Tribunal (NCLT).
At the end of September, a total of 269 corporate persons initiated voluntary liquidation.