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9,000 cases pending before NCLT

This includes 2,511 insolvency cases and 1,630 related to mergers and amalgamations

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Over 9,000 insolvency cases are under consideration of the National Company Law Tribunal (NCLT), the government told the Parliament on Tuesday.

This includes 2,511 insolvency cases and 1,630 related to mergers and amalgamations.

Minister of Corporate Affairs PP Chaudhary told the Rajya Sabha that all the efforts are being made to dispose of the cases as per the time limits laid down in the Insolvency and Bankruptcy Code (IBC) as well as the in the Companies Act.

“Systems and procedures including electronic/information technology systems are being used extensively to ensure quick disposal of cases,” the minister said in a written reply.

NCLT is also dealing with 4,932 cases under various sections of the Companies Act.

So far, the NCLT has approved eight resolution plans after the enactment of the IBC (Amendment) Ordinance compared to five done earlier. The government said that there is no reduction in the submission of resolution plans after enactment of the IBC.

The Ordinance was replaced by the IBC (Amendment) Act on 18 January, 2018.

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