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8 March, 2017
The provisions of the Insolvency and Bankruptcy Code, 2016 (Code) relating to the insolvency of companies and LLPs were notified on 1 December 2016. In the past three months anecdotal evidence suggests that scores of applications have been filed at the National Company Law Tribunal (NCLT) throughout the country. Of these, 64 cases have been listed, out of which 11 cases have been admitted and 13 have been rejected.1
The others are in different stages of being heard.
The number of published orders is still relatively low to be able to discern a pattern of (a) grounds on which applications are admitted or rejected; (b) NCLT judges willingness to grant adjournments; or (c) the NCLT track …
Read the full article at: http://www.conventuslaw.com/report/insolvency-and-bankruptcy-code-2016/