More than 9,600 cases involving a total amount of nearly Rs 3.75 lakh crore have been disposed of at the pre-admission stage of the insolvency law process, according to the government. The Insolvency and Bankruptcy Code (IBC), which came into force in 2016, provides for resolution of stressed assets in market-linked and time-bound manner.
As many as 21,136 applications have been filed under the Code, the corporate affairs ministry said in a release on Sunday. “9,653 cases involving a total amount of approx. Rs 3,74,931.30 crore have been disposed of at pre-admission stage of IBC,” it said.