New Delhi: Creditors have recovered around Rs 3.55 lakh crore through resolution of 1,068 cases under the insolvency law till September this year, the government said on Monday.
In a written reply to the Lok Sabha, Minister of State for Corporate Affairs Harsh Malhotra also said that a total of 1,963 CIRP cases are ongoing and out of them, 1,388 have exceeded the time limit of 270 days.
CIRP refers to Corporate Insolvency Resolution Process. The minister emphasised that realisation under the IBC is market driven and dependent on quality of assets at the time of resolution.
"A total of 1,068 cases have been resolved under the Insolvency and Bankruptcy Code, 2016 (IBC) leading to a recovery of about Rs 3.55 lakh crore to the creditors since inception of IBC till September 2024," he said.
So far, six amendments have been made to the IBC to strengthen the resolution process and to ensure proper implementation of provisions of the law. The Insolvency and Bankruptcy Board of India (IBBI) has made more than 100 amendments in regulations since inception of the IBC.
