Share Tweet Plus One Pin It Email Print By: P.V Dinesh December 19, 2018 3:24 pm Change Font Size Recently, on 26th November 2018, the Corporate Affairs Secretary Mr.Injeti Srinivas informed the country that out of the 9,000 cases filed before the National Company Law Tribunal (NCLT), 4,400 cases have been disposed of, leading to a recovery of approximately Rs.71,000 crores. The total bad debts assessed so far that is owed to the public sector banks in India amounts to Ten Lakh Crores of Rupees. As per the report published by the Insolvency and Bankruptcy Board of India(“IBBI”),in respect of the 32 companies which are stated to have been resolved in insolvency resolution process under the Insolvency and Bankruptcy Code, 2016 (“IBC”), there is a recovery of Rs.49,783 crores which amounts to 56 % recovery. The balance, i.e., Rs.39,619 crores is written off, which would otherwise have been payable by these 32 companies. In the case of the 136 Companies which have gone into liquidation under the IBC, there is a recovery of merely Rs. 4,817 crores and Rs.44,966 crores is written off in the process of liquidation. If we add the written off amount of Rs.39,619 crores in ‘resolved… Read full this story
- Revised Norms for Home Buyers Under Insolvency Proceedings Notified [Read Notification]
- Can Flat Buyers Initiate Insolvency Proceedings Against Builders Under The Insolvency & Bankruptcy Code?
- OKD a.s Insolvency Proceedings: New World Resources’ International Investors appeal to Czech Court
- 40 Important Judgments On Insolvency And Bankruptcy Code, 2016 [Part-1]
- A Major Leap Forward for Australian Insolvency Laws
- Insolvency and Bankruptcy Code- Background And The Road Ahead
- Natural Justice vis-a-vis The Insolvency & Bankruptcy Code, 2016- Audi alteram partem : An Unravelled Mystery!
- Subnational Insolvencies and Beyond: If Detroit Can Be Restructured In A Bankruptcy Proceeding, Why Not Argentina?
- The Road Ahead for 2017 – Restructuring & Insolvency in Australia
Insolvency Proceedings – Safe Passage for Defaulters? have 298 words, post on www.livelaw.in at December 19, 2018. This is cached page on Law Breaking News. If you want remove this page, please contact us.