212 firms went for liquidation under IBC: official

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. Recovery under the insolvency resolution process ranged between 50 per cent and 100 per cent, he added. Another official of IBBI said that so far, the National Company Law Tribunal (NCLT) benches have received 192 cases of preferential, fraudulent and undervalued transactions According to the board, about 212 cases resulted in liquidation and 118 were closed on appeal or review. At the end of September, a total of 269 corporate persons initiated voluntary liquidation

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