BIFR clears only 8.8% of cases

BIFR clears only 8.8% of cases
UNITED NEWS OF INDIA

NEW DELHI, JANUARY 5: In its 12 years of existence, the Board for Industrial and Financial Reconstruction (BIFR) has discharged only 8.8 per cent of the total companies registered with it on successful implementation of the sanctioned revival schemes.

The BIFR has sanctioned rehabilitation schemes for 645 companies out of the total 2,454 cases registered but only 217 have been successfully implemented.While the net worth of 28 companies became positive during inquiry itself, the board forwarded winding up opinions in the case of 610 companies to the high courts, top BIFR officials said.