NCLT approves record number of resolution plans between Jan and Sept.

A record number of 78 resolution plans were approved by bankruptcy courts in the first 9 months of this year, according to a Insolvency and Bankruptcy Board of India (IBBI) data. This is the highest number of resolution plans approved by National Company Law Tribunal (NCLT) in nine months since the inception of Insolvency and Bankruptcy Code (IBC).

While 36 resolutions were approved between January and March, 20 resolution plans were approved in the June quarter amidst Covid-19. The July to September period saw registered approval of 22 resolution plans in 2020. A total 228 out of 464 cases were closed by liquidation in the current year, as per the data till September, this year.

Last year, a total 76 resolutions were approved between January to September, 2019. Similarly, only 42 resolution plans were approved by the court during the same period in 2018. A total 277 resolution plans have been approved by IBC till date as on September, 2020.