As many as 21,205 cases, including 12,963 cases under the insolvency law, were pending before the National Company Law Tribunal (NCLT) at the end of January this year, the government said on Monday.
Currently, one principal bench and 15 other benches of NCLT are operational.
In a written reply to Lok Sabha, Minister of State for Corporate Affairs Rao Inderjit Singh said the benches of NCLT and National Company Law Appellate Tribunal (NCLAT) are being set up in a phased manner depending on quantum of workload and other factors.
As of now, he said no proposal to set up any new bench of NCLT and NCLAT is under consideration.
”As per information provided by NCLT, 21,205 cases were pending with NCLT benches as on 31.01.2023, including 12,963 cases under Insolvency and Bankruptcy Code (IBC), 1,181 cases of Merger and Amalgamation (M&A), and 7,061 other cases,” the minister said.
Citing data provided by the Insolvency and Bankruptcy Board of India (IBBI), Singh said that since the inception of IBC, 2016, a total of 6,199 CIRPs have commenced as on December 31, 2022.
CIRP refers to Corporate Insolvency Resolution Process.
The minister said that as per information provided by IBBI, as on December 31, 2022, 611 CIRPs have yielded resolution where the realisable value to the financial creditors have been around Rs 2.44 lakh crore.