(FE)
Creditors realised as much as Rs 80,000 crore from 66 cases that found resolution under the Insolvency and Bankruptcy Code (IBC) so far, finance and corporate affairs minister Arun Jaitley has said, pitching the two-year-old law as a huge success of the government. As per National Company Law Tribunal (NCLT) data, in 4,452 cases disposed at pre-admission stage, the amount settled was around `2.02 lakh crore, Jaitley said in a blog, indicating that the threat of invoking IBC by creditors was enough to make many defaulters pay up dues and settle the matter. Some of the 12 large cases recommended by the RBI for resolution under the IBC such as Bhushan Power and Steel and Essar Steel are likely to be resolved this fiscal in which realisation is expected to be around `70,000 crore.
