Financial,Operational Creditors recover nearly half of total claims in 88 insolvency cases
- The Insolvency and Bankruptcy Code (IBC) seeks to offer market-decided decision for pressured property in a time-sure method.
- As per the official data out of the 88 admitted cases uptill the end of February , claims worth Rs.1.42 lakh crore have been recovered by the Financial and Operation Creditors.
- Of the total admitted claims financial creditors and operational creditors have recovered 48.24 % (Rs.65635 crore ) and 48.41% (Rs.3131 crore) respectively .(The data is with respect to 88 cases, including those whose resolution has been completed for the period till Feb 28)
- In an affidavit submitted to NCLAT ,IBBI a key institution set under IBC the realised amount was more than 100% in some cases .
- As per resolution plan approved by Committee of Creditors Arcelor Mittal the successful resolution applicant would pay Essar Steel Lenders Rs.41987 crore for total dues of Rs 49,395crore .
Name
of the Company and admitted claims
|
Financial
Creditor`s realised value
|
Operational
Creditor`s realised value
|
Bhushan Steel – Rs.57505.05 Crore
|
63.49% of the admitted claims
|
80.94% of the admitted claims
|
Electrosteel-Rs13598crore
|
40.38% of the admitted claims
|
Operational creditors share was nil
|
Monnet Ispat& Energy – Rs11478.08
crore
|
26.26%
|
5.40%
|
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