Kolkata, June 16 () As many as 110 cases have been admitted by the National Company Law Tribunal for resolution of corporate insolvency.
“110 transactions have been admitted by the NCLT for corporate insolvency resolution,” Insolvency and Bankrupcy Board of India’s chairman M S Sahoo said at a programme at Merchants’ Chamber of Commerce.
In May, some 500 applications, including those from banks, were filed with various benches of the NCLT for bankruptcy resolution, Sahoo said.
A case is admmitted by NCLT when it finds prima facie truth in the claims made by the applicant.
He said that the “underlying default” ranged from a few lakh to 6000 crore rupees. Initially low value cases were reported, but now high value cases were also com…
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