A total of 6,571 Corporate Insolvency Resolution Processes (CIRPs) had commenced by the end of March 2023, data from the Insolvency and Bankruptcy Board (IBC) of India showed. Of these, 4,515 or 69 percent were closed, the Insolvency & Bankruptcy Board Of India (IBBI) said.
According to the data, 678 corporate debtors have been rescued so far under the code, 117 have admitted claims of more than Rs 1,000 crore till December 2022, and 102 have yielded resolution plans.
Moreover, the haircut to the creditors relative to the fair value of assets was less 17 percent, while relative to their admitted claims is around 68 percent.
Meanwhile, of the 2,030 corporate debtors that have ended up with orders for liquidation so far, 176 (165 till December 2022, 11 in Jan-Mar 2023) admitted claims of more than Rs 1,000 crore.
From the data, it was also highlighted that 959 IBC cases were closed on appeal/settled, while 848 cases were withdrawn. Of the closed cases. The fair value of the assets available with corporate debtors when they entered the insolvency resolution process was estimated at Rs 2.65 lakh crore and the liquidation value of 678 cases was at Rs 1.70 lakh crore. The total claims of creditors were worth Rs 8.99 lakh crore.
An earlier version of this story was based on an incorrect figure, which has been rectified. The error is regretted.
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