‘Nclt disposed of insolvency cases involving nearly Rs 10.5 Lakh Crore’


By PTI IST (Released)

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The presiding judge, Chief Justice (Retired) Ramalingam Sudhakar mentioned the figures at the sixth annual IBBI conference day. He also said that the Indian Board of Insolvency and Bankruptcy (IBBI) was trying to reduce delays in the resolution process.

The National Company Law Tribunal (NCLT) has settled insolvency cases amounting to almost Rs 10.5 lakh crore, excluding liquidation and some other matters.

The amount relates to matters filed by financial and operating creditors as well as those made voluntarily for resolution under the Insolvency and Bankruptcy Code (IBC).

The presiding judge, Chief Justice (Retired) Ramalingam Sudhakar mentioned the numbers at the sixth annual IBBI conference day. He also said that the Indian Board of Insolvency and Bankruptcy (IBBI) was trying to reduce delays in the resolution process.

Under sections 7, 9 and 10 of the IBC, 25,225 cases involving a total amount of Rs 10.49,264 crore were settled, he said. Out of the total, 23,608 cases involving an amount of Rs 7,21,282 crore were settled before admission.

Resolution plans have been approved in 565 cases, involving an amount of Rs 3,03,381 crore, it added. The figures relate to the period from November 1, 2017 to August 31, 2022.

The amount realized under sections 43, 45, 49 and 66; during liquidation; and BAC Sections 94 and 95 are not included in the total. According to the NCLT website, data is subject to change.

The IBC, which provides for market-related, time-limited resolution of distressed businesses, came into force in 2016 and since then various changes have been made to the Code as well as the regulations.

While emphasizing that timing and speed are the essence of the resolution process, Sudhakar said that the decisions of the NCLT have a significant bearing on the outcome of the IBC.

Sudhakar also said that despite various shortcomings, the court is not deterred from being the arbiter.


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