Cases Involving Rs 3.75 Lakh Crore Disposed Of At IBC Pre-Admission Stage
National Company Law Tribunal signage at the Mumbai office. (Photographer: Vishal Patel/BloombergQuint)

Cases Involving Rs 3.75 Lakh Crore Disposed Of At IBC Pre-Admission Stage

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More than 9,600 cases involving a total amount of nearly Rs 3.75 lakh crore have been disposed of at the pre-admission stage of the insolvency law process, according to the government.

The Insolvency and Bankruptcy Code, which came into force in 2016, provides for resolution of stressed assets in market-linked and time-bound manner.

Also read: Around 10,860 Cases Under IBC Pending Before NCLT Till September-End

As many as 21,136 applications have been filed under the Code, the corporate affairs ministry said in a release.

"9,653 cases involving a total amount of approx. Rs 3,74,931.30 crore have been disposed of at pre-admission stage of IBC," it said.

About 2,838 cases were admitted into the corporate insolvency resolution process and out of them, 306 cases have been closed "by appeal/review/withdrawn", according to the release.

Further, the ministry said that in the 161 resolved cases, the realisable amount is Rs 1,56,814 crore.

Also read: IBC Amendments To Ensure Greater Timeliness, Says Nirmala Sitharaman

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