Creditors realise claims of over Rs 47,400 crore through IBC framework
Creditors realise claims of over Rs 47,400 crore through IBC framework
NEW DELHI: Financial creditors have realised claims of approximately Rs 47,426.75 crore in 26 cases under the IBC (Insolvency and Bankruptcy Code) framework, informed by P.P. Chaudhary, Union Minister of State for Corporate Affairs in written reply to a question in Rajya Sabha.nn”The Financial Creditors have realized claims of approximately Rs. 47,426.75 crore in 26 cases where resolution plans are submitted under the IBC framework since its enactment,” he said in written reply to a question.nnThe Union Minister of State further stated that the Insolvency & Bankruptcy Code lays down a time bound and transparent framework for resolving cases of insolvency by balancing the interests of all stakeholders and maximising the value of stressed assets, post unloading it by way of insolvency resolution or liquidation as the case may be.nnApart from the direct impact in terms of time bound resolution, the IBC has also impacted the borrowing and lending culture in the country. As a result, borrowers are no more willing to over-leverage debt to unsustainable levels. Similarly, lenders have also become more careful due to strict Non-Performing Asset (NPA) provisioning norms laid down by the Reserve Bank of India.nnCorporate Insolvency Resolution Process (CIRP) of 12 companies as on 16th July, 2018nn All amounts in Rs. croren
| Sr No | Name of Corporate Debtor | Admission Date | 180/270th Day | Total Claims Admitted | Assets on Balance Sheet(Last Available) | Status |
| Transactions -In process | ||||||
| 1 | ABG Shipyard Ltd. | 01-Aug-17 | 28-Apr-18* | 18532.00 | 11092.00 | In process |
| 2 | Alok Industries Ltd. | 18-Jul-17 | 14-Apr-18 | 30241.64 | 32362.00 | In process |
| 3 | Amtek Auto Ltd. | 24-Jul-17 | 19-Apr-18 | 12718.97 | 15572.00 | In process |
| 4 | Bhushan Power and Steel Ltd. | 26-Jul-17 | 23-Jun-18* | 48122.94 | 42001.00 | In process |
| 5 | Era Infra Engineering Ltd. | 08-May-18 | 04-Nov-18 | 11785.16 | 8132.40 | In process |
| 6 | Essar Steel India Ltd. | 02-Aug-17 | 28-May-18* | 51848.00 | 62699.00 | In process |
| 7 | Jaypee Infratech Ltd. | 09-Aug-17 | 12-May-18 | 10373.20 | 18201.00 | In process |
| 8 | Jyoti Structures Ltd. | 04-Jul-17 | 31-Mar-18 | 8194.77 | 5465.00 | In process |
| 9 | Lanco Infratech Ltd. | 07-Aug-17 | 04-May-18 | 53157.90 | 18067.00 | In process |
| 10 | Monnet Ispat and Energy Ltd. | 18-Jul-17 | 14-Apr-18 | 11079.60 | 9077.00 | In process |
| 11 | Bhushan Steel Ltd. | 26-Jul-17 | 22-Apr-18 | 57505.05 | 60463.00 | Approved by NCLT on 15th May, 2018. Successful Resolution Applicant is Tata Steel Ltd (through its wholly owned subsidiary, Bamnipal Steel Ltd) |
| 12 | Electrosteel Steels Ltd | 21-Jul-17 | 17-Apr-18 | 13301.84 | 13016.00 | Approved by NCLT on 17th April, 2018. Successful Resolution Applicant is Vedanta Star Ltd. |
| Total | 326861.10 | 296147.40 | ||||
n nn* Extended by NCLTnnThe Union Minister of State further provided information with respect to the money recovered in completed transactions, which is as follows: nnCOMPLETED TRANSACTIONS OF TWO COMPANIES OUT OF 12 COMPANIESnnElectrosteel Steels Ltd.: Its insolvency resolution concluded with the approval of resolution plan of Vedanta Ltd. by the Adjudicating Authority on 17th April, 2018. The details of realization under approved resolution plan are as under:nn
