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Revival of 45 bankrupt companies will meet 50% of lenders' claims: IBBI Chairperson
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Manish Gupta | 24 Sep, 2018
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.
Without revealing further details
about the recent months, Sahoo said the recovery in 34 companies that
were approved for resolution till June end was about 56 per cent, which
was much higher than the liquidation value of these stressed assets.
The
resolution plans for the 34 companies assure recovery of Rs 49,826
crore against the total creditors' claim of Rs 89,486 crore, IBBI data
shows. With liquidation value of these 34 companies at Rs 21,000 crore,
the recovery stands at 237 per cent.
However, the 136 companies
sent for liquidation till June end are likely to recover less than Rs
5,000 crore, about nine per cent of the total admitted claims against
these 136 companies at around Rs 57,600 crore, as per IBBI data for June
quarter. "Of the 136 companies sent for liquidation, 110
companies were already either in Board for Industrial and Financial
Reconstruction (BIFR) or were non-functional. And, most of these (106)
had a resolution value less than the liquidation value," Sahoo said.
On
state-run banks such as SBI and PNB planning to sell their
non-performing assets (NPAs) to asset reconstruction companies (ARCs)
and others, the IBBI chief said it was a good development as people
should have options to select from.
"That is good. People
should have options. IBC should be another competitive option to them.
In some cases, IBC is better, somewhere Debts Recovery Tribunal (DRT) is
better, sometimes going to ARC is better, somewhere Sashakt scheme is
better."
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