Over 9,600 cases worth Rs 3.75 trn disposed of at IBC pre-admission stage

In excess of 9,600 cases including an aggregate sum of almost Rs 3.75 trillion have been discarded at the pre-affirmation phase of the indebtedness law process, as per the legislature.

The Insolvency and Bankruptcy Code (IBC), which came into power in 2016, accommodates the goals of focused on resources in advertising connected and time-bound way.

Upwards of 21,136 applications have been recorded under the Code, the service of the corporate undertaking said in a discharge on Sunday.

"9,653 cases including an aggregate sum of approx. Rs 3,74,931.30 crore have been discarded at the pre-affirmation phase of IBC," it said.

Around 2,838 cases were conceded into the corporate bankruptcy goals process (CIRP) and out of them, 306 cases have been shut "by claim/survey/pulled back", as indicated by the discharge.

Further, the service said that in the 161 settled cases, the feasible sum is Rs 1,56,814 crore.