Bankruptcy code: 701 firms face cases under CIRP, 87 to be liquidated

The resolution process of 241 stressed companies went beyond the mandatory 270 days of which 73 firms are going into liquidation

In the past two years since the Insolvency and Bankruptcy Code (IBC) came into being, 701 companies have been admitted under the corporate insolvency resolution process (CIRP) and around 87 firms are heading for liquidation.

Of the 701 companies admitted under the insolvency proceedings, only 22 resolution plans have been approved and the CIRPs of 525 firms are still under way as of June 2018, according to data from the Insolvency and Bankruptcy Board of India (IBBI).

The National Company Law Tribunals (NCLTs) across the country pushed around 55 companies towards liquidation between April and June 2018, whereas only 32 companies had