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        Case ID :
        Corp. Laws, SEBI & IBC

        Govt. disposes 2,750 cases under Insolvency and Bankruptcy Code

        December 19, 2017

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        After notification of relevant provisions of the Insolvency and Bankruptcy Code 2016 on 01.12.2016, 2,434 fresh cases have been filed before NCLT and 2,304 cases of winding up of companies have been transferred from various High Courts. Out of these, a total number of 2,750 cases have been disposed of and 1,988 cases were pending as on 30.11.2017.

        As per information received from Public Sector Banks (PSBs), as on 30.11.2017, an amount of ₹ 39.63 crore had been realized after filing of cases with NCLT, and an amount of ₹ 2.89 crore had been borne by the banks as haircut.

        This was stated by Shri P.P. Chaudhary, Minister of State for Law & Justice / Corporate Affairs in written reply to a question in Rajya Sabha today.

        Insolvency resolution under IBC resulted in numerous case disposals and reported bank recoveries following filings. Notification of the operative provisions of the Insolvency and Bankruptcy Code prompted fresh filings and transfer of winding-up matters into the Code, resulting in a substantial number of disposals with remaining cases pending at the reporting cut-off. Public Sector Banks reported recoveries and haircuts arising after initiation of proceedings under the Code, and those financial outcomes were communicated to the legislature by the responsible minister in response to an enquiry.
                          Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
                            Provisions expressly mentioned in the judgment/order text.

                                Insolvency resolution under IBC resulted in numerous case disposals and reported bank recoveries following filings.

                                Notification of the operative provisions of the Insolvency and Bankruptcy Code prompted fresh filings and transfer of winding-up matters into the Code, resulting in a substantial number of disposals with remaining cases pending at the reporting cut-off. Public Sector Banks reported recoveries and haircuts arising after initiation of proceedings under the Code, and those financial outcomes were communicated to the legislature by the responsible minister in response to an enquiry.


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