Under IBC, over 17,800 cases disposed of at pre-admission stage: Corporate Affairs secy
As many as 466 cases were withdrawn and 404 cases resulted in resolution while 1,371 resulted in liquidation
Corporate Affairs Secretary Rajesh Verma on Friday said at a conference on Insolvency and Bankruptcy Code (IBC) organised by industry body CII, that more than 17,800 cases worth Rs 5.5 lakh crore were disposed of at the pre-admission stage till July this year under the insolvency law. He also stressed the behavioural change brought in by the IBC by disposing 17,837 cases at the pre-admission stage.
As many as 466 cases were withdrawn and 404 cases resulted in resolution while 1,371 resulted in liquidation.
IBC had undergone six amendments
Verma also added that more than 4,570 cases were admitted for CIRP (Corporate Insolvency Resolution Process) and out of them, 657 cases were closed on grounds of appeal and review, among others.
He also noted that the IBC code has undergone six amendments that have strengthened the framework and removed various bottlenecks. IBC is an evolving legislation.