Page 14 - IBBI-JUNE-SEPTEMBER 2022

Note: Data awaited in 37 CIRPs

Liquidation
Till June, 2022, a total of 1703 CIRPs had yielded orders for liquidation, as Note: This excludes 18 cases where liquidation order has been set aside by NCLAT / SC.
presented in the previous newsletter. 21 more CIRPs were later reported
as yielding orders for liquidation during that period. During the quarter July About 76% of the CIRPs ending in liquidation (1349 out of 1774 for which
- September, 2022, 84 CIRPs ended in orders for liquidation, taking the total data are available) were earlier with BIFR and/or defunct (Figure 12). The
CIRPs ending in liquidation to 1807, excluding 1 case where liquidation order economic value in most of these CDs had almost completely eroded even
KDV EHHQ VHW DVLGH E\ 1&/7 2I WKHVH ÀQDO UHSRUWV KDYH EHHQ VXEPLWWHG LQ before they were admitted into CIRP. These CDs had assets, on average,
429 cases. There are 1378 ongoing liquidation processes, whose status as on valued at less than 8% of the outstanding debt amount.
September 30, 2022 is presented in Figure 11.
Till June, 2022, 247 liquidation processes were closed by dissolution /
going concern sale / compromise or arrangement as presented in the last
newsletter. Dissolution of 9 more CDs, which happened during the earlier
period were reported later, as presented in Part A of Table 3. During July
- September, 2022, 2 more liquidation processes were closed, taking total
number of closures by dissolution/sale as going concern/compromise or
arrangement to 258. The details of the same are presented in Table 3. At the
end of September, 2022, 232 liquidations were closed by dissolution, 18 by
going concern sale and 8 by compromise /arrangement.
Table 3: Details of Closed Liquidations
Sl. Name of CD Date of Amount (in ` crore) Date of
Order of Admitted Liqui- Sale Distrib- Order of
Liquida- Claims dation Proceeds uted to Disso-
tion Value Stake- lution/
holders Closure Notes:
Part A: For Prior Period (Till June 30, 2022)
1. There were 99 CIRPs, where CDs were in BIFR or non-functional but had resolution value
1 Ashapuri Metals Private Limited 02-07-20 0.07 0.09 0.09 0 07-04-21
higher than liquidation value.
2 Subhlaxmi Dyeing and Printing 10-03-21 0.05 - - - 21-06-21
Mills Private Limited 2. Includes cases where no resolution plans were received and cases where liquidation value is
3 Liners India Limited 27-08-19 63.52 35.03 27.63 24.61 25-10-21 ]HUR RU QRW HVWLPDWHG
4 Bala Techno Industries Limited 15-02-21 59.95 2.07 1.73 1.16 25-01-22 3. Data of 33 CIRPs is awaited.
5 Liveminds Solutions Private 12-02-21 0.07 - - - 04-03-22
Limited Sale as Going Concern
6 Thomson Nusa Metals Private 26-08-19 469.45 1.53 2.28 2.02 11-03-22
Limited Till September 30, 2022, 18 CDs were closed by sale as a going concern
7 Radheshyam Fibers Private 15-01-18 87.15 11.91 13.39 12.65 16-03-22 under liquidation process. These 18 CDs had claims amounting to ` 16,422.06
Limited crore, as against the liquidation value of ` 527.69 crore. The liquidators in
8 Free Culture Apparels Private 16-07-18 4.24 0.03 0.02 0.02 23-03-22
Limited these cases realised ` 600.84 crore and companies were rescued.
9 Saka Limited 23-02-21 0.20 0 - - 25-04-22 The AA passes an order for liquidation under four circumstances. As on
Part B: For July - September, 2022 September 30, 2022, 1807 orders for commencement of liquidation have
1 Bookawheel Technologies 18-09-18 1.34 0.10 0.24 0.10 04-07-22 been passed. The details of liquidation in these circumstances are presented
Private Limited
2 Fashionara Enterprises Private 09-10-18 0.08 - - - 29-08-22 in Figure 13.
Limited Regulation 12 of the IBBI (Liquidation Process) Regulations, 2016 requires
Total (July - September, 2022) 1.42 0.10 0.24 0.10 NA
the liquidator to make a public announcement calling upon stakeholders to
Total (Till September, 2022) 58704.67 2213.08 2158.75 2050.05 NA
submit their claims as on the liquidation commencement date (LCD), within
Notes: 30 days from the LCD. The details of the claims admitted by the liquidators
NA means Not realisable/ saleable, or No asset left for liquidation or Not applicable in 1653 liquidations, for which data are available, are presented in Table 4.
‘0’ means an amount below two decimals.

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11/15/2022 12:24:49 PM
IBBI newsletter.indd 14
IBBI newsletter.indd 14 11/15/2022 12:24:49 PM