NEW DELHI: A series of steps taken by the National Company Law Tribunal (NCLT), along with govt and the Insolvency and Bankruptcy Board of India (IBBI) has resulted in a record number of cases being decided during the last financial year.
Latest data showed that 269 resolution plans were approved during 2023-24, as against 189 during the previous year, an increase of 42%.
The Insolvency and Bankruptcy Code (IBC) has helped improve the lending culture in India as promoters are now keen to repay the debt to banks and also clear the dues of vendors and other creditors, fearing loss of control over their business in case of continued default.
As a result, data available with NCLT showed, till Feb, 28,617 applications for initiation of corpo…
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