5c78b14a5b27e00cc17d4a13cd3e7ad5
5c78b14a5b27e00cc17d4a13cd3e7ad5
5c78b14a5b27e00cc17d4a13cd3e7ad5
Bankrupty Board of I
April-June, 2022, Vol. 23. When using the data, please refer to the Insolvency and Banruptcy News, April-June 2022, Vol. 23.
This E-Newsletter includes the tables, charts, and underlying data from the Quarterly Newsletter of Insolvency and Bankrupty Board of I
April-June, 2022, Vol. 23. When using the data, please refer to the Insolvency and Banruptcy News, April-June 2022, Vol. 23.
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Research Division
Insolvency and Bankruptcy Board of India
2nd Floor, Jeevan Vihar Building, Sansad Marg, New Delhi - 110001.
Email: [email protected]
vency and Bankrupty Board of India,
June 2022, Vol. 23.
vency and Bankrupty Board of India,
June 2022, Vol. 23.
Figure No.
1, 2
3, 4, 5, 6
7
2
CIRP 8
9, 10
11
12
13
14
15
16
17
18
ion
19
20
Table 1: Corporate Insolvency Resolution Process
2016 - 17 0
2017 - 18 36
2018 - 19 539
2019 - 20 1063
2020 - 21 1813
2021 - 22 1630
Apr - Jun, 2022 1823
Total NA
These CIRPs are in respect of 5481 CDs
This excludes 1 CD which has moved directly from BIFR to resolution
Source: Compilation from website of the NCLT and filing by IPs.
e Insolvency Resolution Process
(Number)
Admitted Closure by CIRPs at the
Appeal/Review/ Withdrawal under Approval of Commencement of end of the
Settled Section 12A Resolution Plan Liquidation Period
37 1 0 0 0 36
707 94 0 19 91 539
1157 154 97 77 305 1063
1989 345 217 136 541 1813
536 87 160 122 350 1630
878 69 143 140 333 1823
332 24 26 23 83 1999
5636 774 643 517 1703 1999
47
Commencement of Liqu
###
Go to Table of Contents
Commencement of Liquidation
Table 2: Sectoral Distribution of CIRPs as on June 30, 2022
Sector
Manufacturing
Food, Beverages & Tobacco Products
Chemicals & Chemical Products
Electrical Machinery & Apparatus
Sector
Manufacturing
Real Estate
Construction
Retail Trade
Hotels
Electricity
Transport
Others
Total
Sector
Manufacturing
Real Estate
Construction
Retail Trade
Hotels
Electricity
Transport
Others
as on June 30, 2022
No. of CIRPs
Admitted Closed
Appeal/Review/ Withdrawal Approval of Commencement of Total
Settled under Section 12 Resolution Plan Liquidation
A
Ongoing
704
107
64
54
32
83
115
82
114
53
436 364
159
52
2
223
273 183
210 112
38 39
64 27
47 35
227 129
1999 1417
Table 3: Initiation of Corporate Insolvency Resolution Process
Year / Quarter No. of CIRPs Initiated by
Operational Financial Corporate Total
Creditors Creditors Debtors
2016 - 17 8 7 22 37
2017 - 18 286 310 111 707
2018 - 19 516 570 71 1157
2019 - 20 883 1054 51 1988
2020 - 21 197 317 22 536
2021 - 22 366 467 42 875
Apr - Jun, 2022 156 158 18 332
Total 2412 2883 337 5632
Note: This excludes four cases wherein applications filed by RBI were admitted u/s 227 of the Code.
Description CD FC
Appeal/Review/Settled 2% 14.54%
Withdrawal u/s 12A 3% 12.09%
Approval of Resolution Plan 20% 20.48%
Commencement of Liquidation 75% 52.90%
Go to Table of Contents
CIRPs initiated by
Corporate Total
Debtor
6 774
7 643
48 516
185 1703
91 1995
337 5632
147.2 178.8
18.2 30.6
518 550
9.1 7.1
390 428
OC
560
463
175
761
1959
OC
29%
24%
9%
39%
Table 5: CIRPs yielding Resolution Plans
1. In 517 resolved CDs, 124 applications in respect of avoidance transactions, reporting the irregular transactions to the tune of ₹ 33,076 crore have bee
2. The CIRPs in 18 matters which yielded resolution plans and were reported earlier in this table have later been reversed. The CIRPs have restarted in 8
3. There are 6 CIRPs where the realisable value was less than the liquidation value of the CD. While realisable value is significantly influenced by the v
of a market determined price discovery process and commercial wisdom of the committee of creditors.
gnificantly influenced by the value of the asset of the CD while entering the resolution process and time taken for resolution, it is also the outcome
Go to Table of Contents
Table 6: CIRPs Yielded Resolutions: State of CD at the commencement of CIRP
Go to Table of Contents
Particulars No. of cases
No. of resolved cases 514
Earlier with BIFR/defunct 175
Others 339
Note: Data awaited in 3 cases
Total
2016 - 17 37
2017 - 18 706
2018 - 19 1157
2019 - 20 1985
2020 - 21 538
Apr - Jun, 2021 141
Jul - Sep, 2021 186
Oct-Dec, 2021 192
Total 4942
Total
2016 - 17 37
2017 - 18 743
2018 - 19 1900
2019 - 20 3885
2020 - 21 4423
As on June 21 4564
As on Sep 21 4750
As on Dec 21 4942
Table 7: Closure of CIRPs by Withdrawal till June 30, 2022
Go to Table of Contents
Amount of Claims Admitted* (₹ crore) No. of CIRPs
≤ 01 348
> 01 ≤ 10 146
> 10 ≤ 50 89
> 50 ≤ 100 24
> 100 ≤ 1000 27
> 1000 7
Reason for Withdrawal*
Full settlement with the applicant 266
Full settlement with other creditors 43
Agreement to settle in future 36
Other settlements with creditors 146
Others 150
*Data awaited in 2 cases
Status of Liquidation
Initiated
Final Report submitted
Closed by Dissolution
Closed by Going Concern Sale
Closed by Compromise / Arrangement
Ongoing
> Two years
> One year ≤ Two years
> 270 days ≤ 1 year
> 180 days ≤ 270 days
> 90 days ≤ 180 days
≤ 90 days
*This excludes 17 cases where liquidation order has been set aside by NCLAT / Supreme Court.
Go To Table of Contents
Number
1703*
374
221
18
8
1329
645
352
71
99
80
82
by NCLAT / Supreme Court.
Table 9: Details of Closed Liquidations
*** Assignment of NRRA comprising book debts in which Upfront Payment of ₹ 2.50 Crores. Balance on Recoveries over and above ₹ 2
30% to Assignee) after deduction of actual expenses or 5% of realized amount whichever is lower.
NA means Not realisable/ saleable or No asset left for liquidation or Not applicable.
‘0’ means an amount below two decimals.
Go To Table of Contents
(Amount in ₹ crore)
Liquidation Sale Proceeds Amount Date of Order of
Value Distributed to Dissolution/Closure
Stakeholders
(Till March 31, 2022)
NA NA NA 04-01-21
0.25 0.17 NA 25-05-21
1.17 0.6 0.2 07-06-21
0.04 0.04 NA 27-09-21
0.8 0.46 0.41 09-11-21
4.45 2.29 1.98 15-11-21
NA NA NA 08-12-21
0.06 0.06 0.01 14-12-21
10.24 10.48 10.04 23-12-21
4.66 9.4 8.12 24-12-21
NA NA NA 25-02-22
0 0.18 0.1 01-03-22
NA NA NA 01-03-22
0.01 0.01 NA 04-03-22
1.45 1.19 0.66 09-03-22
8.07 1.93 0.97 23-03-22
0.02 0.02 NA 24-03-22
1.29 1.45 1.3 24-03-22
60.43 46.47 43.1 28-03-22
l - June, 2022
4.94 4.94 4.93 04-04-22
0.01 0.01 NA 08-04-22
30.73 41.05 38.13 19-04-22
0.31 0.89 0.05 19-04-22
NA NA NA 24-04-22
NA NA NA 26-04-22
27.18 37.46 26.05 28-04-22
0.01 2.50*** 2.24 06-05-22
51.36 50.25 44.37 11-05-22
0.02 0.02 NA 11-05-22
NA NA NA 11-05-22
NA NA NA 12-05-22
0.07 0.26 0 13-05-22
5.39 8.05 7.58 23-05-22
7.83 7.21 6.84 23-05-22
NA NA NA 25-05-22
0.09 1.94 1.65 07-06-22
NA NA NA 08-06-22
5.08 7.58 5.79 17-06-22
0.1 0.16 0.07 21-06-22
133.12 162.31 137.70 NA
2161.82 2113.14 2006.30 NA
lance on Recoveries over and above ₹ 2.50 crore in the ratio of 70:30 (70 % to Bankers and
Table 10: CIRPs ending with Orders for Liquidation till June 30, 2022
iquidation value.
estimated.
Table 11: Reasons for Liquidations
Circumstance
Circumstance
CoC decided to liquidate the CD during CIRP
(u/s 33(2))
AA did not receive any resolution plan for approval
(u/s 33(1)(a))
AA rejected the resolution plan for non-compliance with the requirements
(u/s 33(1)(b))
CD contravened provisions of resolution plan
(u/s 33(3))
Total
Go to Table of Contents
Number of Liquidations
Where Final Reports Ongoing
Submitted
200 905 1105
165 373 538
9 38 47
0 13 13
374 1329
Total
1105
538
47
13
1703
Table 12: Claims in Liquidation Process
(Amount in ₹ crore)
Stakeholders under Number of Amount of Liquidation Amount Amount
Section Claimants claims Value Realised Distributed
Admitted
374 Liquidations where Final Report Submitted
52 36 1486.12 212.69 226.81 224.02
53 (1) (a) NA NA 148.49
53 (1) (b) 2026 59580.98 2402.01
53 (1) (c) 2349 77.79 8.90
53 (1) (d) 407 3152.7 44.77
2,833.48 2709.49#
53 (1) (e) 318 3587.17 19.91
53 (1) (f) 3822 3841.33 80.39
53 (1) (g) 0 0 0
53 (1) (h) 137 39.94 2.83
Total (A) 9095 71766.03 3046.17 2936.30# 2931.32
Ongoing 1071 Liquidations*
53 (1) (a) NA NA
53 (1) (b) 41849 5,96,855.97
53 (1) (c) 32073 1316.35
53 (1) (d) 12876 135031.17
53 (1) (e) 1284 36146.47 39300.01 **
Not Applicable Not Applicable
53 (1) (f) 1979533 42525.44
53 (1) (g) 19 357.58
53 (1) (h) 106074 3487.62
Total (B) 2173708 815720.60
Grand Total (A+B) 2182803 887486.63 42346.18
#
Inclusive of unclaimed proceeds of ₹ 4.98 crore under liquidation.
*Data for other liquidations are not available.
**Out of 1329 ongoing cases, liquidation values of only 1276 CDs are available. The aggregate
liquidation value of 805 CDs estimated during liquidation process is ₹ 39300.01 crore and that of 471
CDs for which estimates made during CIRP is ₹ 9638.52 crore.
Go to Table of Contents
Table 13: Status of ongoing CIRPs as on June 30, 2022
Go to Table of Contents
Status of CIRPs No. of CIRPs
Admitted 5636
Closed on Appeal / Review / Settled 774
Closed by Withdrawal under section 12A 643
Closed by Resolution 517
Closed by Liquidation 1703
Ongoing CIRP 1999
> 270 days 1225
> 180 days ≤ 270 days 206
> 90 days ≤ 180 days 256
≤ 90 days 312
Completed
Electrosteel Steels Limited 13175 5320 40.38 183.45
Bhushan Steel Limited 56022 35571 63.50 252.88
Monnet Ispat & Energy Limited 11015 2892 26.26 123.35
Essar Steel India Limited 49473 41018 82.91 266.65
Alok Industries Limited 29523 5052 17.11 115.39
Name of CD Realisation by
all Claimants as
a percentage of
Liquidation
Value
Vedanta Ltd.
Bamnipal Steel Ltd.
Consortium of JSW and AION Investments Pvt. Ltd.
Arcelor Mittal India Pvt. Ltd.
Reliance Industries Limited, JM Financial Asset Reconstruction
Company Ltd., JMFARC - March 2018 Trust
Group of HNIs led by Mr. Sharad Sanghi.
JSW Limited
Deccan Value Investors L.P. and DVI PE (Mauritius) Ltd.
has been approved by the CoC and awaits approval of the AA.
Table 15: Details of Avoidance Applications and Disposal
(Amount in ₹ crore)
Sl. No Nature of Applications Filed Applications Disposed
transactions
Number of Amount Number of Amount Amount
transactions involved transactions involved clawed back
1 Preferential 123 14435.42 22 519.08 29.17
2 Undervalued 15 884.31 1 351.64 0
3 Fraudulent 137 21889.00 13 467.44 3.69
4 Extortionate 3 70.68 - - -
5 Combination 508 183824.95 50 16507.89 26.78*
Total 786 221104.36 86 17846.05 59.64
*In addition, in the matter of Jaypee Infra, possession of 758 acres out of total 858 acres of land was
given back to the CD. The 858 acres of land was earlier valued at Rs 5500 Cr.
Go to Table of Contents
Table 16: Commencement of Voluntary Liquidations till June 30, 2022
(Number)
Period Liquidations at Liquidations Liquidation closed by Liquidations at
the beginning Commenced Withdrawal Final Reports the end of
Submitted period
2017 - 18 NA 184 0 11 173
2018 - 19 173 232 6* 98 301
2019 - 20 301 274 1 135 439
2020 - 21 439 252 2 180 509
2021 - 22 509 302 3 235 573
Apr - Jun, 2022 573 53 0 68 558
Total NA 1297 12 727 558
*Vide order dated February 02, 2021, the Hon’ble NCLT has recalled its order dated September 28, 2018
which suspended the voluntary liquidation process of M/s Central Inland Water Transport Corporation
Limited.
Ongoing
> Two years 191
> One year ≤ Two years 108
> 270 days ≤ 1 year 46
> 180 days ≤ 270 days 53
> 90 days ≤ 180 days 107
≤ 90 days 53
Table 18: Reasons For V
Sl. No.
1
2
3
4
5
Total
Table 18: Reasons For Voluntary Liquidations
Go to Table of Contents
Reason for Voluntary Liquidation No. of Corporate
Persons
Not carrying business operations 747
Commercially unviable 150
Promoters unable to manage affairs 24
Purpose for which company was formed
accomplished / Contract Termination 31
Miscellaneous 94
Total 1046
Table 19: Details of 1285 Voluntary Liquidations (Excluding 9 Withdrawals)
CIRPs
1 From ICD to approval of resolution plans by AA 354 464
2 From ICD to order for Liquidation by AA 1287 352
Liquidations
3 From LCD to submission of final report under Liquidation 265 423
4 From LCD to submission of final report under Voluntary Liquidation 424 383
5 From LCD to order for dissolution under Liquidation 146 398
6 From LCD to order for dissolution under Voluntary Liquidation 233 515
n March, 2021 As on March, 2022 April, 2022 to June, 2022 Go to Table of Contents
Time (In days) No. of Time (In days) No. of Time (In days)
Excluding
Processes Including Excluding
Processes Including Excluding
excluded time covered excluded time excluded time covered excluded time excluded time
IRPs
406 494 534 449 23 863 709
NA 1619 413 NA 83 719 NA
idations
NA 357 475 NA 17 729 NA
NA 659 425 NA 68 390 NA
NA 227 511 NA 20 880 NA
NA 331 586 NA 34 709 NA
Table 22: Corporate Liquidation Accounts as on June 30, 2022
(Amount in ₹ lakh)
Name of Account Opening Balance Deposit during the Withdrawn during Balance at the end
period the period of the period
Corporate Liquidation Account
2019 - 20 0.00 476.26 0.21 476.05
2020 - 21 476.05 116.18 0.00 592.23
2021 - 22 592.23 25.93 4.84 613.32
Apr - Jun, 2022 613.32 8.36 0.00 621.68
Corporate Voluntary Liquidation Account
2019 - 20 0.00 109.70 0.00 109.70
2020 - 21 109.70 112.06 0.00 221.76
2021 - 22 221.76 127.94 0.03 349.67
Apr - Jun, 2022 349.67 2.02 10.42 341.27
Go to Table of Contents
Table 23: Insolvency Resolution of Personal Guarantors
(Amount in ₹ crore)
Period Applications filed by Total Adjudicating
Authority
Debtor By Creditor
(u/s 94) (u/s 95)
Number Debt Amount Number Debt Amount Number Debt NCLT DRT
Amount
2019 - 20 3 49.66 19 3256.87 22 3306.53 21 1
2020 - 21 19 2485.94 218 36760.35 237 39246.29 231 6
2021 - 22 80 3039.2 773 59691.12 853 62730.32 842 11
Apr - Jun, 2022 12 661.61 111 5006.16 123 5667.77 123 0
Total 114 6236.41 1121 104714.50 1235 110950.91 1217 18
Note:
The data are provisional. These are getting revised on continuous basis as further information is received.
Debt data not available in 229 cases.
Go to Table of Contents
Table 24: Status of filed applications for initiation of insolvency resolution process of Personal Guarantors
Period Number of
Pre-registration CPE Programmes Training Other Workshops/
Courses conducted conducted Workshops for Ips Webinars/
Roundtables/
seminars
2018 - 19 16 - 7 100
2019 - 20 11 30 9 157
2020 - 21 14 193 66 102
2021 - 22 13 133 56 81
Apr - Jun, 2022 2 44 30 60
Total 56 400 168 500
Go to Table of Contents
Disciplinary Complaints
Orders Issued forwarded by
IBBI disposed
4 11
9 127
42 102
23 12
80 -
158 252
Table 33: CPE hours earned by the IPs
Go to Table of Con
Period Number of CPE Hours earned by members of
IIIPI ICSI IIP IPA ICAI Total
2019 - 20 1160 695 320 2175
2020 - 21 18465 8746 4647 31858
2021 - 22 14123 7890 3872 25885
Apr - Jun, 2022 1651 2205 820 4676
Total 35399 19536 9659 64594
Average CPE hours per registered IP 13.77 17.20 24.83 15.77
Go to Table of Contents
Note: Authenticated records and amount inludes deemed authentication.
Table 34: Details of information with NeSL
At the end of Year / Creditors having Creditors who have Debtors whose Loan records
Month agreement with submitted information information is submitted on-boarded by
NeSL by
No. of
No. of Loan No. of
At the end of Year / records
FCs OCs records on- FCs OCs debtors
Month authenticate
boarded registered
d
2018 - 19 19.55 0.00 19.56 41.15 0.16 0.15 0.14
2019 - 20 94.17 1.68 94.17 78.74 0.32 0.73 1.09
2020 - 21 107.22 2.05 145.60 98.56 0.33 1.39 2.83
Jun, 2021 121.27 2.07 156.06 122.99 0.34 1.53 3.46
Sep, 2021 136.66 2.54 120.51 128.75 0.36 1.68 4.07
Dec,2021 128.39 1.96 4.62
2018 - 19 0.15
2019 - 20 0.73
Jun, 2020 1.07
Sep, 2020 1.21
Dec, 2020 1.30
Mar, 2021 1.40
Jun, 2021 1.53
(Number, except as stated) Go to Table of Con
Loan records Amount of underlying User Loan records authenticated by No. of Defaults
on-boarded by debt registrations debtors authenticated
(₹ crore) (debtors) by debtors
Value of
records
authenticate
d
(Amt. in ₹
0.48
lakh crore)
1.18
4.99
4.86
5.79
6.90
Go to Table of Contents
Table 35: Registered Valuers as on June 30, 2022
(Numb
Registered Valuer Organisation Asset Class
Land & Building Plant & Securities or
Machinery Financial Assets
RVO Estate Managers and Appraisers Foundation 73 14 14
IOV Registered Valuers Foundation 1400 221 164
ICSI Registered Valuers Organisation - - 218
IIV India registered Valuers Foundation 161 45 53
ICMAI Registered Valuers Organisation 37 27 286
ICAI Registered Valuers Organisation NA NA 923
PVAI Valuation Professional Organisation 307 53 124
CVSRTA Registered Valuers Association 204 60 NA
Association of Certified Valuators and Analysts NA NA 2
CEV Integral Appraisers Foundation 115 35 3
Divya Jyoti Foundation 61 18 46
Nandadeep Valuers Foundation 1 - 1
All India Institute of Valuers Foundation 7 3 17
International Business Valuers Association 3 1 13
All India Valuers Association 2 - -
Assessors and Registered Valuers foundation 15 3 13
Total 2386 480 1877
Note: NA signifies the RVO is not recognised for that asset class
(Number) Go to Table of Contents
Total
101
1785
218
259
350
923
484
264
2
153
125
2
27
17
2
31
4743
Table 36: Registered Valuers (Entities) as on June 30, 2022
(Num
Registered Valuer Organisation Entities Registered Registration in the Asset Class
Land & Building Plant & Machinery
20
3
1
13
11
2
0
0
2
1
4
60
Table 37: Registration of RVs till June 30, 2022
(Number) Go to Table of Content
Year / Quarter Land & Building Plant & Securities or Total
Machinery Financial Assets
2017 - 2018 0 0 0 0
2018 - 2019 781 121 284 1186
2019 - 2020 848 204 792 1844
2020 - 2021 409 82 446 937
2021 - 2022 302 67 303 672
Apr - Jun, 2022 48 6 52 106
Total 2388 480 1877 4745
Note: The registration of 2 RVs has since been cancelled.
Go to Table of Contents
Table 38: Region Wise Registered Valuers as on June 30, 2022
(Number) Go to Table of Contents
City / Region Land & Plant & Securities or Total
Building Machinery Financial
Assets
New Delhi 81 34 222 337
Rest of Northern Region 378 75 326 779
Mumbai 115 51 289 455
Rest of Western Region 662 128 308 1098
Chennai 116 43 140 299
Rest of Southern Region 964 125 452 1541
Kolkata 29 17 106 152
Rest of Eastern Region 41 7 34 82
Total 2386 480 1877 4743
Table 39: Age profile of RVs as on June 30, 2022
(Number) Go to Table of Contents
Age Group Land & Building Plant & Securities or Financial Total
(in years) Machinery Assets
≤ 30 122 2 98 222
> 30 ≤ 40 419 70 726 1215
> 40 ≤ 50 520 96 578 1194
> 50 ≤ 60 952 148 303 1403
> 60 ≤ 70 327 110 162 599
> 70 ≤ 80 41 52 9 102
> 80 5 2 1 8
Total 2386 480 1877 4743
Go to Table of Contents