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Total 6,199 Corporate Insolvency Resolution Process started, 611 successful: Govt
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IANS | 21 Mar, 2023
Since the provisions relating to Corporate Insolvency Resolution Process
(CIRP) came into force on December 1, 2016, a total of 6,199 CIRPs have
started, as on the end of December 2022, the Parliament was informed on
Tuesday.
As of December 2022, 611 CIRPs have resulted
in resolution, where the creditors have recovered 30.40 per cent of
their admitted claims, Minister of State for Corporate Affairs, Rao
Inderjit Singh told the Rajya Sabha in a written reply to a question
seeking to know the number of companies which have utilized the
provisions of Insolvency and Bankruptcy Code (IBC), 2016 since it came
into force.
On a question whether there is a delay in the
completion of the process within stipulated time, he said that the
average time taken (after excluding the time excluded by the
Adjudicating Authority) for resolution of the 611 resolved cases is 482
days.
Insolvency resolution process under the IBC is a market
driven process and the outcome depends on market forces. Further, the
time taken for resolution depends on several factors, including the
nature of business, business cycles, market sentiments, litigations and
marketing effort, he added.
To the question on the list of
defaulters who have availed 'haircuts' above Rs 10 crore, the Minister
said: "As of December, 2022, out of the 611 resolved CIRPs, in 477 cases
there is a difference of more than Rs 10 crore in realisation amount of
creditors against their admitted claim."
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