Deciding two connected writ petitions arising from a common Industrial Tribunal Award, the Delhi High Court set aside the Tribunal's direction granting hotel workmen a further…
Labour Laws
06/09/20264 min read
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Informative
Creditors recovered ₹3.36 trillion under IBC: Nirmala Sitharamam
Insolvency & Bankruptcy Code
Finance and Corporate Affairs Minister Nirmala Sitharaman announced via social media that creditors have recovered ₹3.36 trillion from defaulting corporations under the Insolvency and Bankruptcy Code (IBC) since its introduction in 2016. This recovery represents about a third of the claims by creditors and exceeds the liquidation value of assets by 162%. \r
Sitharaman highlighted that the IBC has outperformed its predecessor, the Board for Industrial and Financial Reconstruction (BIFR), resolving 3,171 distressed companies compared to fewer than 3,500 cases resolved by BIFR over nearly three decades. \r
She emphasized that the IBC has significantly improved trust and transparency in the financial system, leading to substantial recoveries and a notable decline in the gross and net non-performing assets ratios of banks as of December 2023.
