The government plans to have more benches of the National Company Law Tribunal on the basis of case load and rising number of insolvency cases coming up before the NCLT.
Currently, there are 11 NCLT benches in different parts of the country, including two in the national capital. It is expected that the strength of the NCLT would be doubled shortly.
As per the data, around 16,000 cases have been disposed of by the tribunal in the last one-and-a-half years.
Matters related to companies law as well as the Insolvency and Bankrupt code (IBC) come up before the tribunal. A case is admitted for resolution under the Code only after approval from the NCLT.
Insolvency and Bankruptcy Board of India (IBBI) Chairman M S Sahoo said more than 650 corporate debtors have been admitted into resolution. Out of them, around 90 have exited either by way of resolution or liquidation, he said, adding that 150 corporates are undergoing voluntary liquidation. More than Rs 4 lakh crore worth non-performing assets have come up for resolution under the Code.
Source: Economic Times