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PTI kolkata India
Updated: 03-11-2018 16:25 IST

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.

Another official of IBBI said that so far, the

National Company Law Tribunal (NCLT) benches have received 192

cases of preferential, fraudulent and undervalued


(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)