Author: InstaFinancials

As per the information provided by Insolvency and Bankruptcy Board of India [IBBI, the Regulator under Insolvency and Bankruptcy Code, 2016 (IBC)], the following is the year wise details of number of cases admitted for corporate insolvency resolution process under the Code: YearNo. of corporate insolvency resolution process admitted2016-17372017-187062018-1911572019-2019862020-21538 This was stated by Union Minister of State for Corporate Affairs Shri Rao Inderjit Singh in a written reply to a question in Rajya Sabha today. Giving more details, the Minister gave Year-wise details of the number of cases resolved along with total amount of admitted  claims and realisable value for creditors in such cases as following: YearNo. of cases resolvedTotal admitted claims(Rs. in cr...

Serious Fraud Investigation Office (SFIO) formed through a Government Resolution is an Investigating Agency under Ministry of Corporate Affairs (MCA), which was given statutory recognition under the Companies Act, 2013 (the Act). This was stated by Union Minister of State for Corporate Affairs Shri Rao Inderjit Singh in a written reply to a question in Rajya Sabha today. The Minister stated that the Central Government orders and assigns to SFIO, investigation cases involving many companies where alleged fraudulent activities by corporates are reported which includes cases of misappropriation of funds by the promoters / top management and cheating the lenders. Giving details of cases ordered and assigned to SFIO, the Minister stated: Financial YearNo of Cases Ordered and Assigned ...

As per the information provided by Insolvency and Bankruptcy Board of India, in the years 2020-21 and 2021-22 (upto 31st December, 2021), 538 and 522 cases, respectively, have been admitted into the corporate insolvency resolution process (CIRP) under the Insolvency and Bankruptcy Code, 2016. This was stated by Union Minister of State for Corporate Affairs Shri Rao Inderjit Singh in a written reply to a question in Rajya Sabha today. Giving more details, the Minister gave details of action taken in the said cases as follows:- YearCases AdmittedOutcome of cases as on 31st December 2021Appeal/ Review/SettledWithdraw n u/s 12AResolutionLiquidatio nOngoing2020-2153849939633242021-22522134704458 Further details are available in public domain on www.ibbi.gov.in, whi...