There are various statistics discussing the success rate of IBC Code and various circulars and notifications to that effect are released time and again, what more could be better than the statistics given by the respected Financial Minister herself. The speech provided by the Financial Minister Nirmala Sitharaman is a must read and must know for all the Finance enthusiast and professionals. The speech had various angles and aspects to it right from the history of the Code to the implementation of the Code and discussed various range of cases dealing with various aspects of the Insolvency & bankruptcy Code, 2016. To better understand the speech it is pertinent to look into the various important pointers provided by the Financial Minister herself:-
Track your NCLT / NCLAT cases or orders in your apple iOS / Google Android smartphones. Available for free trial period of 15 days.
Other important aspects of her speech include:
- As on June 30, 2019 the status of Corporate Insolvency Resolution Proceeding includes 2170 cases which are admitted in which 174 cases are closed on appellate stages and 120 cases has received closure on the basis of approved resolution
- There are about 1300 ongoing Corporate Resolution cases, wherein most of the cases have ensured to stick to the framework provided in the Code.
