212 firms went for liquidation under Insolvency and Bankruptcy Code

Vastavam web: Around 212 firms were sent for liquidation under the Insolvency and Bankruptcy Code (IBC) till September-end, a top official said Saturday. Insolvency and Bankruptcy Board of India (IBBI) whole-time member Navrang Saini said 1,198 corporates were admitted into the resolution process, of which 52 had been successfully resolved.

“Most of cases were inherited from the erstwhile BIFR (Board for Industrial and Financial Reconstruction). This is why the number of companies going for liquidation is high,” Saini said during an interaction at the Merchants Chamber of Commerce & Industry here. Recovery under the insolvency resolution process ranged between 50 per cent and 100 per cent, he added.