Since provisions relating to CIRP came into force in December 2016, a total of 8,659 have been initiated till 30 September 2025; 6,761 (78%), have been closed and 1,898 CIRPs are ongoing, said RBI’s financial stability report.
Creditors have realised Rs 4 lakh crore under the resolution plans initiated under the Insolvency and Bankruptcy Code (IBC) till 30 September 2025, according to a Reserve Bank of India (RBI) report released on Wednesday.
Since the provisions relating to the corporate insolvency resolution process (CIRP) came into force in December 2016, a total of 8,659 CIRPs have been initiated till 30 September 2025, out of which 6,761, or 78.1%, have been closed. The remaining 1,898 CIRPs, or 21.9%, are ongoing.
The primary objective of the IBC is rescuing corporate debtors (CDs) in distress.
The code has rescued 187 CDs during April to September 2025, while the total number of such debtors since inception is 3,865. The breakup of this includes 1,300 through resolution plans, 1,342 through appeal or review or settlement and 1,223 through withdrawal.
" Cumulatively till September 30, 2025, creditors have realised Rs 3.99 lakh crore under the resolution plans, which is around 170.1% of liquidation value and 93.79% of fair value (based on 1,177 cases where fair value has been estimated)," said the RBI's financial stability report.
In terms of percentage of admitted claims, the creditors have realised more than 32.4%.
Till September 2025, the report said the total number of CIRPs ending in liquidation was 2,896 (42.8% of closed CIRPs), of which final reports have been submitted for 1,529 CDs.
These corporate debtors together had outstanding claims of Rs 4.44 lakh crore, but the assets were valued at only Rs 0.17 lakh crore. The liquidation of these companies resulted in realisation of 90.7% of the liquidation value, the RBI report said.
The 1,300 CIRPs that have yielded resolution plans till September 2025 took an average of 603 days for conclusion of process, while incurring an average cost of 1.1% of liquidation value and 0.6% of resolution value.
Similarly, the 2,896 CIRPs, which ended up in orders for liquidation, took an average 518 days for conclusion, the RBI said.
Of the 8,659 CIRPs, 3,183 were related to manufacturing sector, followed by real estate, renting and business activities (1,903) and construction (1,052).
Among others, the cases relate to wholesale and retail trade (862), hotels and restaurants (176), electricity and others (234), and transport, storage and communication (236).
