NEW DELHI: More than 9,000 circumstances have come up for resolution under the Insolvency and Bankruptcy Code (IBC) and has helped at once and indirectly get to the bottom of wired belongings worth Rs three lakh crore previously two years, a top executive legit stated on Saturday.
Corporate affairs secretary Injeti Srinvas stated the IBC has induced a tectonic shift in the behaviour of lenders and borrowers which is mirrored in the swift disposal of circumstances at National Company Law Tribunal.
IBC was rolled out in December 2016 and has been known as a game-changer to deal with the problem of bankruptcy.
TOI had reported in October that the fear of insolvency motion has helped creditors, led by means of banks, recover Rs 1.1 lakh crore from loan defaulters who were unwilling to transparent dues, with promoters of errant firms paying as much as steer clear of shedding keep watch over.
Srinivas stated in the closing two years greater than 9,000 circumstances were referred to the NCLT of which just about part have been disposed of, while 85% of the circumstances were resolved at the pre-admission level. The corporate affairs secretary, who was addressing a conference organised by means of trade foyer staff FICCI, stated the direct and oblique have an effect on of IBC on wired belongings was Rs three lakh crore.
Corporate affairs secretary Injeti Srinvas stated the IBC has induced a tectonic shift in the behaviour of lenders and borrowers which is mirrored in the swift disposal of circumstances at National Company Law Tribunal.
IBC was rolled out in December 2016 and has been known as a game-changer to deal with the problem of bankruptcy.
TOI had reported in October that the fear of insolvency motion has helped creditors, led by means of banks, recover Rs 1.1 lakh crore from loan defaulters who were unwilling to transparent dues, with promoters of errant firms paying as much as steer clear of shedding keep watch over.
Srinivas stated in the closing two years greater than 9,000 circumstances were referred to the NCLT of which just about part have been disposed of, while 85% of the circumstances were resolved at the pre-admission level. The corporate affairs secretary, who was addressing a conference organised by means of trade foyer staff FICCI, stated the direct and oblique have an effect on of IBC on wired belongings was Rs three lakh crore.
Bankruptcy code settles Rs 3L cr NPAs
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Reviewed by Kailash
on
November 25, 2018
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