 "Ravi Mital")
Ravi Mital, IBBI chairperson
Lenders have recovered Rs 3.5 trillion through resolution of stressed assets under the insolvency process in the last eight years, a period during which NCLT approved 1,000 resolution plans, IBBI Chairperson Ravi Mital said on Tuesday.
The Insolvency and Bankruptcy Code (IBC) provides for a market-linked and time-bound resolution of stressed assets. The National Company Law Tribunal (NCLT) and the Insolvency and Bankruptcy Board of India (IBBI) are key institutions in the IBC ecosystem.
Click here to connect with us on WhatsApp
In the last two years, NCLT has cleared 450 resolution plans. This accounts for 45 per cent of the 1,000 such plans approved in the last eight years, Mital said at a function to mark the eighth foundation day of the IBBI.
Â
According to him, Rs 3.5 trillion has been recovered directly by lenders, of which Rs 1 trillion was in the last two years.
Under the IBC, the recovery is about 84 per cent of the assets’ fair value, as per official data.
Chief Economic Advisor V Anantha Nageswaran said a continuously improving and evolving bankruptcy system is important for economic growth.
(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
First Published: Oct 01 2024 | 5:44 PM IST
 "India reiterates opposition to China’s Belt and Road Initiative at SCO meet | External Affairs Defence Security News")
 "Trade deficit eases to $20.8 bn in Sept amid geopolitical challenges | Economy & Policy News")
