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ARTICLE · 17 FEBRUARY 2023

Data Analysis - IBC Yearly Round-Up 2022

Sarthak Advocates & Solicitors
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It is indicated in the IBBI reports that around 76% of CIRPs that were previously with the Board for Industrial Financial Reconstruction ("BIFR") and/or defunct have ended in liquidation...

IndiaInsolvency/Bankruptcy/Re-Structuring
Mani Gupta
Mani Gupta
Aman Choudhary
Aman Choudhary
Saumya Upadhyay
Saumya Upadhyay
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It is indicated in the IBBI reports that around 76% of CIRPs that were previously with the Board for Industrial Financial Reconstruction ("BIFR") and/or defunct have ended in liquidation, and these CDs had nearly entirely deteriorated before they were admitted into CIRP. The average asset value of these CDs was less than 8% of the total amount of the outstanding debt. However, 35% of the total yielded Resolution Plans in various CIRPs were previously with BIFR or were defunct companies.

As of 30.09.2022, the number of CIRPs admitted sector-wise was highest in manufacturing, followed by real estate and construction. Within manufacturing, the highest number of CIRPs have been initiated against companies engaged in textiles, leather, and apparel products. A total of 5,893 CIRPs have commenced by the end of September 2022. Of these, 3,946 have been closed. Of the CIRPs closed, the CD was rescued in 2,139 cases, of which 846 have been completed on appeal or review or

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