Hindusthan Samachar
Banner 2 शनिवार, मार्च 23, 2019 | समय 02:47 Hrs(IST) Sonali Sonali Sonali Singh Bisht

IBC makes a paradigm shift for the betterment of Indian industry: Arun Chatterjee

By HindusthanSamachar | Publish Date: Mar 2 2019 8:10PM
IBC makes a paradigm shift  for the betterment of Indian  industry: Arun Chatterjee
Kolkata, 2 March (HS): Describing the government legislation to reform the Insolvency and Bankruptcy Code has made a paradigm shift in the Indian economy as well as in the Banking sector,a panel of experts on the issue here today felt that the reform in this sector would done good to the industry and to the national economy as well. Participating in a seminar, organised here today by the city''s premier Merchants Chamber of Commerce and Industry (MCCI) to discuss the reform in the Insolvency and Bankruptcy Code, Arun Chatterjee, Senior member of the National Compnay Law Tribunal (NCLT) and the High Court Bar Association said during the past one year and till January 2019, a total of 1319 cases related to IBC were filed in Calcutta High Court of which 432 cases had so far been disposed off to the satisfaction of all . Moreover,he said while another 887 cases were still pending in the court for their disposal, as many 46 companies had faced liquidation and resolution in favour of them was passed for 41 other companies in Eastern India, Chatterjee informed and said a whopping amount of Rs 21,596 crores were settled so far. Turning his attention towards the All India scenario, he further informed that at the National level cases involving more than Rs 80,000 crores had so far been settled. Also speaking on the occasion noted advocate and an Insolvency and Bankcruptcy Code specialist S M Gupta described such a decision at the central level had changed the industrial scenario of the country to a great extent as the flow of cash to various sectors had increased exponentially following the gradual implementation of the IBC.So far about 33,000 cases were resolved during the past few years and settled cases worth more than Rs1.20 crore years. During the first six months of the current fiscal as much as Rs 18,400 had so far been released in Kolkata alone, he said replying to a query and hailed the huge benefits to several sick companies. Hindusthan Samachar/Ankur/Pramod \
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