MUMBAI: Since the National Company Law Tribunal (NCLT) was set up 18 months ago, over 4,300 cases have been filed at its various benches for resolution process, according to the Reserve Bank data.
The insolvency and bankruptcy code came into existence with the enactment of the Insolvency and Bankruptcy Code (IBC) in May 2016, replacing the Company Law Board regime.
“As of November 2017, over 4,300 applications under the corporate insolvency resolution process (CIRP) were filed in the various benches of NCLT,” the RBI said in its Financial Stability Report (FSR) released over the weekend.
Of these, more than 500 applications seeking admission for insolvency proceedings were rejected, dismissed or withdrawn, it added.
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