About 13 percent of corporate insolvency resolution processes (CIRPs) until the end of March 2019 wereresolved, while 53 percent cases ended in liquidation, according to data from the Insolvency and Bankruptcy Board of India (IBBI). Average realisation by financial creditors as a share of claims was only 43 percent.
In its report, the IBBI said 359 cases had been admitted for corporate insolvency. Of this, the resolution plan for 14 was approved while 73 went into liquidation in the January-March quarter.
The Insolvency and Bankruptcy Code (IBC) was set up to resolve cases of corporate bankruptcy in a timely manner. However, a third of these cases took more than the stipulated 270 days. For 1,143 ongoing resolution cases…
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