New Delhi, Dec 29 As many as 28,818 applications for initiation of the Corporate Insolvency Resolution Process (CIRP), having an underlying default of Rs. 10.22 lakh crore, were resolved before their admission till March 2024 due to the behavioural change in debtor-creditor relationship effectuated by the Insolvency and Bankruptcy Code (IBC), according to the Ministry of Corporate Affairs’ year-end review
Till September 2024, 1,068 CIRPs have culminated in resolution plans, achieving on average 86.13 per cent of the fair value of the Corporate Debtor (CD). Creditors have realised Rs. 3.55 lakh crore under the said resolution plans.
The IBC has introduced a new era of transparency and fairness in insolvency resolutions. It ensures…
