NEW DELHI: As many as 40 corporate insolvency resolutions, under the Insolvency and Bankruptcy Code, have been completed, Union Minister P P Chaudhary said today.
The Code, which provides for market–determined and time– bound resolution process, is being implemented by the Insolvency and Bankruptcy Board of India (IBBI).
“By December 2017, 40 transactions of corporate insolvency resolution process (CIRP) were completed,” the Minister of State for Corporate Affairs said in a written reply to Lok Sabha.
Out of these, 10 transactions resulted in resolution plan being approved by adjudicating authority and 30 translated into liquidation of corporate debtors, he added.
The Code, which came into effect on December 1, 2016…
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