Creditors recover Rs 1.42 lakh crore in 88 insolvency cases

New Delhi: Nearly half of their total admitted claims worth over Rs 1.42 lakh crore have been recovered by financial and operational creditors from as many as 88 debt-ridden companies under the insolvency law, according to official data. The Insolvency and Bankruptcy Code (IBC) seeks to provide market-determined resolution for stressed assets in a time-bound manner.

Claims totalling a little over Rs 1.42 L cr were admitted in 88 cases under the IBC till February 28, data collected by the Insolvency and Bankruptcy Board of India (IBBI) showed. Of the total admitted claims, financial creditors sought to recover dues worth Rs 1.36 L cr and operational creditors Rs 6,469 crore. Financial creditors recovered 48.24 pc of their admitted claims and operational creditors got 48.41 pc of their admitted claims. The figures are with respect to 88 cases, including those where resolution has been completed, for the period till February 28. Creditors realised Rs 68,766 cr of the total admitted claims in those 88 cases. The share of financial creditors and operational creditors stood at Rs 65,635 cr and Rs 3,131 cr, respectively. The IBBI, a key institution set up under the IBC, provided the figures in an affidavit submitted to the NCLAT last week.