New Delhi, March 23
National Company Law Tribunals (NCLT) across the country admitted a total of 283 companies into insolvency amid the pandemic after the announcement of the nationwide lockdown last year.
In a written reply to the Lok Sabha, the Minister of State for Corporate Affairs, Anurag Thakur, also said that during the period of April 1, 2020 and December 31, 2020, a total of 76 corporate insolvency resolution processes (CIRP) ended in resolution, 128 CIRPs were closed due to withdrawal or appeal or settlement and 189 companies went into liquidation.
Further, the government temporarily suspended the initiation of CIRP under Section 7, 9 and 10 of the Code for a period of six months or such further period not exceeding one year…
Read the full article at: https://www.tribuneindia.com/news/business/280-companies-declared-bankrupt-amid-pandemic-229334
