Update: Stress Fund (SWAMIH) & Corporate Insolvency Resolution Process cases
New Delhi: Here is an update on Corporate Insolvency Resolution Process cases and Alternate Investment Fund (AIF).
1 The stress fund, or the SWAMIH Fund, has so far sanctioned Rs 12,079 crore for 81,000 houses in as many as 123 delayed projects.
2 In the July-September quarter of 2018, only 33 percent of the 209 real estate CIRPs were closed. By the end of July-September quarter of 2020, about half of the 793 CIRPs cases were closed
3 By the end of 2019, about 5.76 lakh houses were delayed or stalled om the seven major cities of the country. These were launched in 2013 or before.
4 The provisions of Corporate Insolvency Resolution Process (CIRPs) were laid down on 1 Dec 2016. Since then, 4,008 CIRPs cases across various sectors started till the end of September-2020. About 473 of these 4,008 cases have been closed on appeal or review or settled. As many as 291 cases have been withdrawn. About 1,025 have ended with orders for liquidation. Around 277 cases have ended in approval of various types of resolution plans. Around 1,942 CIRPs cases are remaining currently.
5 As many as 793 cases of CIRP have been admitted till date for companies in the Real Estate sector including renting business. Of these, 50 pervcent cases are going on currently. As many as 428 cases of CIRP have been admitted till date for companies in the constrctuon sector. Of these, 51 percent cases are going on presently. As many as 93 cases of CIRP have been admitted so far for hotel companies. Of these, 42 percent cases are going on.