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The Economic Survey has found that 46 percent of Corporate Insolvency Resolution Processes (CIRP) have ended in orders for liquidation, since the inception of the Insolvency and Bankruptcy Code (IBC) in December 2016.
The survey noted that 5,893 of CIRPs had commenced by end-September 2022, of which 67 percent have been closed. Of these, around 21 percent were closed on appeal or review or settled, 19 percent were withdrawn, 46 percent ended in orders for liquidation, and 14 percent resulted in the approval of resolution plans.
Manufacturing leads with most CIRPs
According to the Survey, 52 percent of the ongoing CIRPs belong to industry, while 37 percent to the services sector, as of September 2022. With…
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