As many as 421 cases involving a realisable value of Rs 2.55 lakh crore were resolved and 1,149 cases having a liquidation value of Rs 52,036 crore went for liquidation under the insolvency law till this September, the government said.
Corporate Insolvency Resolution Process (CIRP) is conducted as per the provisions of the Insolvency and Bankruptcy Code (IBC).
As of September 30, a total of 4,708 CIRPs were initiated under the IBC.
“The realisable value of 421 cases which were resolved through a resolution plan as on 30th September, 2021 is Rs 2.55 lakh crore for all creditors, including financial creditors. The liquidation value of these companies was Rs 1.48 lakh crore.
“If no resolution plan is received or no resolution plan is approved by the Adjudicating Authority, the corporate entity proceeds to liquidation. Till 30th September, 2021, 1,419 CIRPs have yielded orders for liquidation, having liquidation value of Rs 52,036 crore,” Finance and Corporate Affairs Minister Nirmala Sitharaman told the Rajya Sabha.