‘Uniform norms needed to value bankrupt cos’ assets’
₹10,220 crore of allegedly questionable past transactions of insolvent companies have been taken to tribunals by resolution professionals appointed by creditors. So far, 947 such ‘voidable’ transactions worth ₹2.95 trillion have been questioned by resolution professionals, of which 200 transactions worth ₹44,871 have been dealt with by the tribunals, and over ₹5,200 crore have been recovered, IBBI data showed.
Official data showed that 238 more cases were admitted in tribunals for debt resolution in the June quarter, while 198 cases were resolved, including via settlement with creditors. At the end of June, of the more than 6,800 cases of failed businesses admitted into tribunals since IBC came into force in 2016, over 2,000 cases are pending.
Cleaning up the balance sheets of banks and companies has been a priority for the government. The government is pinning hopes on cleaner balance sheets of businesses and lenders for a fresh cycle of private investment.
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