394 companies stand resolved with 36 per cent realisation of claims by financial creditors under IBC
New Delhi, Aug 11 (KNN) The financial creditors have realised Rs 2.45 lakh crore which is 36 per cent of their total claims under the insolvency resolution process till the end of June, Union Minister of State for Corporate Affairs Rao Inderjit Singh informed parliament.
As on June 30th, 2021, 4,540 companies were admitted into Corporate Insolvency Resolution Process (CIRP) under Insolvency and Bankruptcy Code, 2016 (IBC).
''394 companies were resolved till June 30th, 2021 wherein financial creditors (FCs) including financial institutions, had total claims amounting to Rs 6.80 lakh crore, out of which Rs 2.45 lakh crore have been realised, which is 36 per cent of their claims,'' Rao Inderjit Singhsaid in a written reply in Rajya Sabha on Tuesday.
The Minister further stated that the insolvency resolution process of the corporate debtor (CD) is market driven and the outcome depends on market forces which varies from case to case and sector to sector.
The value realised by creditors depends on available assets at the stage of admission of case under the Code, he said
''Details of cases are available in public domain on the website of Insolvency and Bankruptcy Board of India (www.ibbi.gov.in) which is periodically updated,'' he added.