(a) whether the Government has no information regarding corporate insolvency;
(b) if so, the details thereof along with the reasons therefor; and
(c) the strategy adopted by the Government to keep a check on artificial insolvency in the companies in the absence of the said information and reaction of the Government in this regard?
THE MINISTER OF STATE FOR LAW (SHRI P.P. CHAUDHARY)
AND JUSTICE AND CORPORATE AFFAIRS
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(a) & (b)
As on 30.06.2018, 907 cases have been admitted under corporate insolvency resolution process as contained in Insolvency and Bankruptcy Code, 2016 (Code). In 32 cases, resolution plan has been approved and in 129 cases, liquidation proceedings have been commenced.
(c) The provisions of the Code provide for adequate safeguards against fraudulent or malicious initiation of proceedings under the Code.
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