2016
Mumbai, Dec 24 (PTI) 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
wit…
Read the full article at: http://www.newindianexpress.com/pti-news/2017/dec/24/nclts-get-4300-insolvency-petitions-since-inception-in-may-1735861.html