Last quarter marked two years since provisions relating to the corporate insolvency resolution process came into force on December 1, 2016. According to the latest newsletter from the Insolvency and Bankruptcy Board of India, 1,484 corporate debtors have been admitted, of which 898 cases were ongoing as of the last quarter. From the 586 cases that have seen closure, almost 302 witnessed commencement of liquidation, while 79 witnessed closure by resolution. According to a note by Kotak Securities, \u201cBased on available data for all 79 cases resolved under the insolvency resolution process till Q3FY19, financial creditors have faced a haircut of approximately 52% on admitted claims. The premium received on resolution (2X of liquidation value) compared to opportunity cost on liquidation is high but decreasing sequentially. The haircut on resolved cases in Q3FY19 was low at 11% but this was driven by 100% realisation in a large account (Binani Cement) with admitted claims worth `6,500 crore. The average premium to liquidation value was high at 2.5X for accounts resolved in Q3FY19. Binani received a 2.8X premium over the liquidation value. While some accounts have shown superior results, the overall haircut scenario is dismal.\u201d However, more significantly, while 75.16% of the CIRPs ending in liquidation or 227 of the 302 cases were earlier with Board for Industrial and Financial Reconstruction (BIFR) and or defunct, 48 cases ending in liquidation had a resolution value that exceeded liquidation value. \u201cThis remains a concern going ahead where companies are liquidated even in the presence of optimal resolution,\u201d the note said. IBBI data also revealed that of the 898 ongoing CIRPs, 275 cases have have passed 270 days since admission while another 166 cases have crossed 180 days, which according to Kotak Securities suggests that number of cases facing liquidation will see a significant increase in the next few quarters. Another interesting trend the data threw up was the distribution of stakeholders who triggered resolution process where 50% or 742 of the CIRPs were triggered by operational creditors, followed by 38% by financial creditors and remaining by the debtors themselves.