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Financial Creditors have realized claims of approximately ₹ 47,426.75 crore in 26 cases |
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Ministry of Corporate Affairs Posted On: 24 JUL 2018 6:02PM by PIB Delhi The Financial Creditors have realized claims of approximately ₹ 47,426.75 crore in 26 cases where resolution plans are submitted under the IBC framework since its enactment. The Union Minister of State further stated that the Insolvency & Bankruptcy Code lays down a time bound and transparent framework for resolving cases of insolvency by balancing the interests of all stakeholders and maximising the value of stressed assets, post unloading it by way of insolvency resolution or liquidation as the case may be. Apart from the direct impact in terms of time bound resolution, the IBC has also impacted the borrowing and lending culture in the country. As a result, borrowers are no more willing to over-leverage debt to unsustainable levels. Similarly, lenders have also become more careful due to strict NPA provisioning norms laid down by the Reserve Bank of India. This was stated by Shri P.P. Chaudhary, Union Minister of State for Corporate Affairs in written reply to a question in Rajya Sabha today. The Union Minister of State also provided status of process of 12 companies identified in the first phase by RBI, which is as follows: Corporate Insolvency Resolution Process (CIRP) of 12 companies as on 16th July, 2018 All amounts in Rs. crore
* Extended by NCLT The Union Minister of State further provided information with respect to the money recovered in completed transactions, which is as follows: COMPLETED TRANSACTIONS OF TWO COMPANIES OUT OF 12 COMPANIES Electrosteel Steels Ltd.: Its insolvency resolution concluded with the approval of resolution plan of Vedanta Ltd. by the Adjudicating Authority on 17th April, 2018. The details of realization under approved resolution plan are as under:
The details of realizations by claimants are as under:
Bhushan Steel Ltd.: Its insolvency resolution concluded with the approval of resolution plan of Bamnipal Steel Ltd., wholly owned subsidiary of Tata Steel, by the Adjudicating Authority on 15th May, 2018. The details of realization under approved resolution plan are as under:
The details of realizations by claimants are as under:
**** DSM/RM/KMN |
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