As many as 40,943 applications were filed under the the Insolvency and Bankruptcy Code (IBC), of which 28,818 applications involving Rs 10 lakh crore were resolved even before admission, Union Minister of State for Corporate Affairs Harsh Malhotra said in Lok Sabha on Monday. He also said that the introduction of the IBC in 2016 significantly benefited India, improving its global rank by 56 places to reach 52 in 2019 from 108 in 2018.
“Under IBC, 40,943 applications were filed of which 28,818 applications were resolved even before admission. This itself is a big achievement. Of those resolved, the total amount involved was around ₹ 10 lakh…
