NCLT disposed of insolvency cases involving nearly Rs 10.5 lakh crore: Justice Ramalingam Sudhakar
Insolvency cases amounting to nearly Rs 10.5 lakh crore , excluding liquidation and certain other matters, have been disposed of by the National Company Law Tribunal (NCLT).
The amount was mentioned by tribunal’s President Chief Justice (Retd) Ramalingam Sudhakar while delivering the sixth annual day lecture of Insolvency and Bankruptcy Board of India (IBBI).
Under Sections 7, 9 and 10 of IBC, 25,225 cases involving a total amount of Rs 10,49,264 crore have been disposed of, he said.
Out of the total, 23,608 cases involving an amount of Rs 7,21,282 crore have been settled before admission.
Resolution plans have been approved in 565 cases, involving an amount of Rs 3,03,381 crore, he added.
The figures are for the period from November 1, 2017, to August 31, 2022.
The amount relates to cases filed by financial and operational creditors as well as those done voluntarily for resolution under the Insolvency and Bankruptcy Code (IBC).
The amount realised under Sections 43, 45, 49 and 66; during liquidation; and Sections 94 and 95 of IBC are not included in the total.
As per the NCLT website, the data is subject to modification.
The Tribunal’s president also said IBBI has been trying to reduce delays in the resolution process.
While emphasising that timeline and speed are the essence of the resolution process, Sudhakar said the decisions of NCLT have a far-reaching bearing on the outcome of IBC.
Sudhakar also said that despite various shortcomings, the tribunal is not deterred from being the adjudicator.
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