12,963 Cases Pending under IBC, Rs2.44 Lakh Crore Realised in 611 CIRPs: Govt

Moneylife Digital Team 14 March 2023

While clarifying that no proposal to set up any new bench of the national company law tribunal (NCLT) and national company law appellate tribunal (NCLAT) is under consideration, the Union government says there are 21,205 cases pending before NCLT benches. In 611 cases for corporate insolvency resolution processes (CIRPs), the realisable value to the financial creditors has been about Rs2.44 lakh crore, the government informed the lower house.

In a written reply in the Lok Sabha, Rao Inderjit Singh, minister of state for corporate affairs, says, "As per information provided by NCLT, 21,205 cases were pending with NCLT benches as on 31 January 2023, including 12,963 cases under Insolvency and Bankruptcy Code (IBC), 1,181 cases of merger and amalgamation (M&A), and 7,061 other cases."

Ravindra Shyamnarayan alias Ravi Kishan Shukla, a member of Parliament (MP) has asked for information about operational benches and cases pending before NCLT and NCLAT. He also asked for the number of cases company-wise resolved along with the amount of non-performing assets (NPAs) realised till date.

Mr Singh stated, "As per information provided by Insolvency and Bankruptcy Board of India (IBBI), as on 31 December 2022, 611 corporate insolvency resolution processes (CIRPs) have yielded resolution, where the realisable value to the financial creditors have been approximately Rs2.44 lakh crore."

According to the minister, one principal bench and 15 other benches of NCLT are operational in the country. "As of now no proposal to set up any new bench of NCLT and NCLAT is under consideration," he added.

As per information provided by IBBI, since the inception of the IBC, a total of 6,199 CIRPs have commenced as of 31 December 2022.

Data shared by the government shows that under CIRP, a maximum amount of Rs41,017.71 crore was realised in the insolvency of Essar Steel India Ltd. It was followed by Dewan Housing Finance Corporation Ltd at Rs37,160.97 crore and Bhushan Steel Ltd at Rs35,571 crore.

Other noteworthy cases include: Bhushan Power & Steel Ltd where Rs19,350 crore was realised, Aircel Ltd, Dishnet Wireless Ltd and Aircel Cellular Ltd (Rs6,630 crore), Binani Cements Ltd (Rs6,469.36 crore) and Electrosteel Steels Ltd at Rs5,320 crore.

Comments

User

r_ashok41

6 months ago

Leave alone big ones what has happened to dhfl/srei etc wherein small and marginalised investors have been left in the lurch with the bankers and lawyers making a hefty money and laughing all the way to the bank at the expense of the retail investors.