Revival of 45 Bankrupt Companies will Meet 50% of Lenders’ Claims: IBBI Chairperson M.S. Sahoo

Revival of 45 Bankrupt Companies will Meet 50% of Lenders’ Claims: IBBI Chairperson M.S. Sahoo

New Delhi: About 45 bankrupt companies have been approved for revival under the new insolvency law and this will recover more than Rs 50,000 crore or 50 per cent of the total claim of creditors, a senior official has said. “The recovery from these 45 companies approved for resolution is about 50 per cent of the total claims of the creditors, which is very good,” Insolvency and Bankruptcy Board of India (IBBI) Chairperson M.S. Sahoo told IANS in an interview. About 1,100 companies have been admitted in the Corporate Insolvency Resolution Process (CIRP) since the implementation of the Insolvency and Bankruptcy Code (IBC) in 2016 and the admission of the first company in January 2017, Sahoo said. “More than 180 companies have been sent for liquidation. Currently, there are about 800 corporates undergoing CIRP and about 100 cases have been closed on appeal or review as they should not have been admitted in the first instance,” Sahoo said. (IANS)

Top Headlines

No stories found.
Sentinel Assam
www.sentinelassam.com