Creditors recover nearly half of total claims in 88 insolvency cases

Creditors recover nearly half of total claims in 88 insolvency cases
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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.

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 lakh crore 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 lakh crore and operational creditors Rs 6,469 crore.

Financial creditors recovered 48.24 per cent of their admitted claims and operational creditors got 48.41 per cent 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.

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