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A total of 6,571 Corporate Insolvency Resolution Processes (CIRPs) had commenced by the end of March 2023, data from the Insolvency and Bankruptcy Board (IBC) of India showed. Of these, 4,515 or 69 percent were closed, the Insolvency & Bankruptcy Board Of India (IBBI) said.
According to the data, 678 corporate debtors have been rescued so far under the code, 117 have admitted claims of more than Rs 1,000 crore till December 2022, and 102 have yielded resolution plans.
Moreover, the data also mentioned that creditors have taken massive losses, about 83 percent haircuts in order to recover dues from top corporate debtors rescued under the IBC. Of these, 68 percent of haircuts were on admitted claims.
Meanwhile, o…
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