1,198 companies admitted under IBC: Official

Mr. KOLKATA: Until the end of September, 1,198 enterprises were admitted to the resolution process under the Bankruptcy and Insolvency Code (CBI), of which 52 have resulted in a resolution and 212 to a liquidation, announced Saturday a manager.

"As of September 30, 1,198 companies were in the process of resolving insolvency.As of now, about 52 resolutions have been pbaded," said Navrang Saini, a full member of the Board of Directors. insolvency and bankruptcy of India (IBBI).

According to the commission, about 212 cases resulted in a liquidation and 118 were clbadified on appeal or review.

"The maximum number of cases comes from BIFR and that is why the number of liquidations is high.We focus on the resolutions," he said at a session organized by the Chamber of Commerce and merchants industry.

Saini said the average recovery in corporate insolvency resolution processes was around 50%, or even more than 65%, or even 100% in some cases.

IBBI Director General, I. Sreekara Rao, said that about 192 cases, concerning preferential, fraudulent, dumped and extorted transactions (PFUE), have so far been filed before various courts of the National Tribunal for Company Law (NCLT).

By the end of September, 269 legal entities had started voluntary liquidation proceedings.