Recovery by financial creditors has seen a significant rise after the Insolvency and Bankruptcy Code (IBC) kicked in compared with the previous recovery regimes like Debt Recovery Tribunal, Lok Adalat and SARFAESI Act, the Economic Survey for 2018-19 pointed out.
Between 2007 and 2017, recovery from all those other sources was 23% while the same was 43% under the IBC between 2017-19. “These earlier mechanisms have resulted in an average recovery of 23% to lenders as against nearly 43% under the IBC,” the Survey said. The overall recovery in resolved cases is nearly Rs. 74,497 crore for the financial creditors, the Survey said.
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