NCLT approves 180 resolution plans

05 Jun 2023 CW Team

The biggest number of resolution plans ever accepted by the insolvency tribunal, NCLT, was 180 in FY23, realising a total of $51.4240 million from stressed assets. While finishing 77 bankruptcy processes, including some high-profile cases like Essar Steel and Monnet Ispat, this is the second biggest amount for creditors to realise after FY19, when the total realised was Rs. 1.11 lakh crore. This has made it easier for creditors of indebted companies to realise 36% of their total acknowledged claims, which totaled $1,42,5430 million for the fiscal year that concluded on March 31, 2023.

According to data made public by the Insolvency and Bankruptcy Board of India (IBBI), the combined total liquidation value of the assets of 180 corporate debtors (CD) was 39,1101 million, and the creditors received 131% more than that amount.

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