New Delhi, Nov 26 (KNN) The two year old, Insolvency and Bankruptcy Code (IBC) has facilitated recovery of stressed assets worth Rs 3 lakh crore from various default cases, said Injeti Srinivas, Secretary, Ministry of Corporate Affairs (MCA).

Speaking to press after an event organized by the Federation of Indian Chambers of Commerce and Industry (FICCI) at the national capital, Srinivas declared that over the last two years, IBC has received around 9,000 cases including the cases that were transferred from the Board for Industrial and Financial Reconstruction (BIFR).

Of those 9,000 cases broadly 50 per cent about 4,400 of the cases are disposed off, he added.

He said that the equivalent cases are pending, out of which about 85 per cent or 3500 cases has been disposed off prior to admission.

He said 3,500 cases that were disposed off prior to admission were worth Rs. 1.2 lakh crore.

Resolution plans have been approved in 60 cases, liquidation ordered has been given in 240 cases, and 126 cases are in appeal, he added.

“The resolution cases have led to a recovery of about Rs. 71,000 crore, cases at a mature stage of resolution is about Rs. 51,000 crores, which amounts to a total of Rs. 1.2 lakh crore from resolution. The total of resolution and pre-admission settlement is close to Rs 2.4 lakh crore,” MCA Secretary added.

In cases where resolution applicants have won the bid and got the resolution plan approved by the National Company Law Tribunal (NCLT) but have not paid up, Srinivas said that there are provisions in the code itself to penalise such applicants.

Also, the government is examining such cases and the circumstances that are interfering with the resolution plan, he further added.

Speaking on the Infrastructure Leasing and Financial Services Limited (IL&FS) Board, Srinivas said that they called for an Expressions of Interests (EoI) for their securities firms, commodity, securities and equity two weeks back and received an overwhelming response.