40 corporate insolvency resolutions completed, says Union Minister P P Chaudhary

New Delhi: As many as 40 corporate insolvency resolutions, under the Insolvency and Bankruptcy Code, have been completed, Union Minister P P Chaudhary said on Tuesday. The Code, which provides for market—determined and time—bound resolution process, is being implemented by the Insolvency and Bankruptcy Board of India (IBBI). “By December 2017, 40 transactions of corporate insolvency resolution process (CIRP) were completed,” the Minister of State for Corporate Affairs said in a written reply to Lok Sabha. [caption id=“attachment_4304091” align=“alignleft” width=“380”] Representational image. Reuters.[/caption] Out of these, 10 transactions resulted in resolution plan being approved by adjudicating authority and 30 translated into liquidation of corporate debtors, he added. The Code, which came into effect on 1 December, 2016, seeks to consolidate and amend laws relating to re—organisation as well as insolvency resolution of corporate persons, partnership firms and individuals in a time—bound manner. Separately, chartered accountants’ apex body ICAI has received 139 cases in three years, wherein unqualified persons used false registration numbers. The Institute of Chartered Accountants Of India (ICAI) has stated that since 2015, a total of 139 such cases have been received, Chaudhary said in a written reply to Rajya Sabha. He was responding to a query whether the government is aware that several unqualified persons are using false registration numbers and issuing fake certificates by posing as chartered accountants. Such cases stood at 65 in 2015, 32 in 2016 and 42 in 2017.