Over 2,400 cases filed before NCLT since IBC enactment

As many as 2,434 new cases have been filed before the National Company Law Tribunal (NCLT) since the enactment of Insolvency and Bankruptcy Code last year, Parliament was informed on Monday.

"Since the enactment of Insolvency and Bankruptcy Code, 2016, 2,434 fresh cases have been filed before NCLT till November 30, 2017 and 2,304 cases of winding up of companies have been transferred from various High Courts," Minister of State for Finance Shiv Pratap Shukla said in a written reply to the Lok Sabha.

Of these, 2,750 cases have been disposed of and 1,988 cases were pending during the period under review, he added.

As per the information received from public sector banks, Rs 39.63 crore had been realised till the end of last month, after filing cases with NCLT, and Rs 2.89 crore had been borne by the banks as haircut.

In a separate reply, Minister of State for Finance Pon Radhakrishnan said that markets regulator Sebi received 12,701 complaints in 2016-17 from investors against listed companies through its online grievance redressal system, a drop of 15 per cent from the preceding fiscal.

In 2015-16, total number of complaints against listed companies stood at 14,978. In 2014-15, it was 12,536.

These complaints pertained to refund, dividend, bonus, redemption and corporate governance, among others.

On non redressal of investors' grievances, Sebi had initiated actions against 620, 64 and 232 companies in 2014- 15, 2015-16 and 2016-17 respectively.