Admission of IBC cases continue to be subdued amid pandemic

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SME Times News Bureau | 02 Dec, 2020
Insolvency resolution processes continue to be subdued amid the pandemic as only 80 cases were admitted under the Insolvency and Bankruptcy Code (IBC) during the July-September quarter.

During the preceding quarter 81 cases were admitted into the National Company Law Tribunals (NCLT). A total of 588 cases were admitted under the code during July-September last year.

As per the latest data by the Insolvency and Bankruptcy Board of India (IBBI), at the beginning of the July-September, the number of cases under corporate insolvency resolution process (CIRP) were 1,974, while the quarter ended with 1,942 cases under CIRP across the country.

Around 10 cases appealed, reviewed or settled during the period under review and 12 cases were withdrawn under Section 12A of IBC.

Resolution plans were accepted in 22 cases while liquidation was commenced in 68 cases

The quarterly newsletter of IBBI for the July-September quarter noted that since the introduction of IBC a total of 4,008 CIRPs have commenced by the end of September, 2020.

"Of these, 473 have been closed on appeal or review or settled; 291 have been withdrawn; 1,025 have ended in orders for liquidation and 277 have ended in approval of resolution plans," it said.