Creditors in India have managed to reclaim an impressive Rs 3.55 lakh crore by resolving 1,068 cases under the insolvency law by September this year, as reported by the government on Monday.
According to Harsh Malhotra, the Minister of State for Corporate Affairs, 1,963 Corporate Insolvency Resolution Process (CIRP) cases remain unresolved, with 1,388 surpassing the 270-day limit established by law.
Malhotra pointed out that the outcomes under the Insolvency and Bankruptcy Code (IBC) are largely driven by market forces and hinge on the asset quality during resolution. He further noted that, since IBC’s inception, it has undergone six amendments to enhance the resolution framework.
(With inputs from agencies.)
