New Delhi, December 19, 2017

More than 2,700 cases have been disposed of after the notification of the "relevant provisions" of the Insolvency and Bankruptcy Code 2016, the Rajya Sabha was informed on Tuesday.

 

According to Minister of State for Law & Justice and Corporate Affairs PP Chaudhary, till 30 November, 2017 cases have been disposed of under the IBC and 1,988 cases were pending.

"After notification of relevant provisions of the Insolvency and Bankruptcy Code 2016 on 1 December, 2016, 2,434 fresh cases have been filed before NCLT (National Company Law Tribunal) and 2,304 cases of winding up of companies have been transferred from various high courts," Chaudhary said in a written reply to a question in the Rajya Sabha.

"Out of these, a total number of 2,750 cases have been disposed of and 1,988 cases were pending as on 30 November, 2017."

The minister added that "As per information received from Public Sector Banks (PSBs), as on 30 November, 2017, an amount of Rs 39.63 crore had been realised after filing of cases with NCLT, and an amount of Rs 2.89 crore had been borne by the banks as a haircut."

[Firstpost]