More than 2,700 cases disposed off under IBC: Minister

More than 2,700 cases have been disposed off after the notification of the "relevant provisions" of the Insolvency and Bankruptcy Code 2016, the Rajya Sabha was informed on Tuesday.

According to Minister of State for Law & Justice and Corporate Affairs P.P. Chaudhary, till November 30, 2017 cases have been disposed off under the IBC and 1,988 cases were pending.

"After notification of relevant provisions of the Insolvency and Bankruptcy Code 2016 on December 1, 2016, 2,434 fresh cases have been filed before NCLT (National Company Law Tribunal) and 2,304 cases of winding up of companies have been transferred from various High Courts," Chaudhary said in a written reply to a question in the Rajya Sabha.

"Out of these, a total number of 2,750 cases have been disposed off and 1,988 cases were pending as on November 30, 2017."

The minister added that "As per information received from Public Sector Banks (PSBs), as on November 30, 2017, an amount of Rs 39.63 crore had been realised after filing of cases with NCLT, and an amount of Rs 2.89 crore had been borne by the banks as haircut."

--IANS

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