As many as 12,000 cases have been filed since the implementation of the insolvency law and setting of National Company Law Tribunal (NCLT), a senior government official said. Asserting that the Insolvency and Bankruptcy Code (IBC) should be the last resort, Corporate Affairs Secretary Injeti Srinivas said the NCLT has been very expeditious in disposing cases related to insolvency.
"In some of the NCLTs, the number of cases filed and the number of cases disposed off are almost the same. That means you are almost current," he noted. Cases under the code can be taken up only after approval from the tribunal, which has benches in different parts of the country.
Srinivas said that personal insolvency should be approached carefully and in a planned manner. "The issue of personal insolvency is an important dimension, which we have to address at the earliest. According to him, there are two routes for personal insolvency - one is insolvency process followed by bankruptcy process and the second one is a fresh start.
