New Delhi, March 13, 2018
The Company Law Board was dissolved following the setting up of the NCLT under the Companies Act, 2013
More than 9,000 cases are under consideration of the National Company Law Tribunal (NCLT), including over 2,500 cases of insolvency, according to the government.
"A total of 9,073 cases are under consideration in NCLT as on January 31, 2018, including 1,630 cases of merger and amalgamation, 2,511 cases of insolvency and 4,932 cases under other sections of Companies Act," Minister of State for Corporate Affairs P P Chaudhary told the Rajya Sabha.
The Company Law Board was dissolved following the setting up of the NCLT under the Companies Act, 2013.
In a written reply, the minister also noted all efforts are being taken to dispose of the cases as per the time limits laid down in the Companies Act, 2013 and the Insolvency and Bankruptcy Code, 2016.
"Systems and procedures, including electronic/ information technology systems are being used on extensive basis to ensure quick disposal of cases," he said.
According to Chaudhary, actions under the companies law as well as criminal law are under progress against vanishing companies as well as their directors and promoters.
"Out of the 238 listed companies identified as 'vanishing companies', due to the efforts of the (corporate affairs) ministry and law enforcement agencies, 161 such companies have been traced and 77 more companies are still in the list of vanishing companies," he said in an another written reply.
[The Business Standard]