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Financial Creditors have realized claims of approximately 47,426.75 crore in 26 cases
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....inancial Creditors have realized claims of approximately 47,426.75 crore in 26 cases <br>News and Press Release<br>Dated:- 24-7-2018<br><BR>Ministry of Corporate Affairs Posted On: 24 JUL 2018 6:02PM by PIB Delhi The Financial Creditors have realized claims of approximately ₹ 47,426.75 crore in 26 cases where resolution plans are submitted under the IBC framework since its enactment. The ....
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....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. Apart from the direct impact in terms of time bound resolution,....
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.... 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 NPA provisioning norms laid down by the Reserve Bank of India. This was stated by Shri P.P. Chaudhary, Union Minister of State for Corporate Affairs in written reply to ....
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....a question in Rajya Sabha today. The Union Minister of State also provided status of process of 12 companies identified in the first phase by RBI, which is as follows: Corporate Insolvency Resolution Process (CIRP) of 12 companies as on 16th July, 2018 All amounts in Rs. crore Sr.No. Name of Corporate Debtor Admission Date 180/270th Day Total Claims Admitted Assets on Balance Sheet(Last ....
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....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-Ma....
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....y-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. ....
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.... 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 Appl....
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....icant is Vedanta Star Ltd. Total 326861.10 296147.40 * Extended by NCLT The Union Minister of State further provided information with respect to the money recovered in completed transactions, which is as follows: COMPLETED TRANSACTIONS OF TWO COMPANIES OUT OF 12 COMPANIES Electrosteel Steels Ltd.: Its insolvency resolution concluded with the approval of resolution plan of Vedanta Ltd. by ....
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....the Adjudicating Authority on 17th April, 2018. The details of realization under approved resolution plan are as under: Particulars Outcome Liquidation Value (Rs. crore) 2899.98 Realization by Claimants (Rs. crore) 5320.00 The details of realizations by claimants are as under: Claimants Amount of Claims Admitted (Rs. crore) Amount Realized (Rs. crore) Realization as % of Claim Financia....
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....l Creditors 13175.14 5320 41.83 Other Claimants 783.21 0 00.00 All Claimants 13958.36 5320 38.11 Bhushan Steel Ltd.: Its insolvency resolution concluded with the approval of resolution plan of Bamnipal Steel Ltd., wholly owned subsidiary of Tata Steel, by the Adjudicating Authority on 15th May, 2018. The details of realization under approved resolution plan are as under: Particulars ....
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....Outcome Liquidation Value (Rs. crore) 14,541.00 Realisation by Claimants (Rs. crore) 36,771.00 The details of realizations by claimants are as under: Claimants Amount of Claims Admitted (Rs. crore) Amount Realised (Rs. crore) Realisation as % of Claim Financial Creditors 56,022 35,571 63.50 Other Claimants 1,483 1,200 80.92 All Claimants 57,505 36,771 63.94 **** DSM/RM/KMN<B....
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....R> News - Press release - PIB....