The Company Law Board (CLB) set up under Companies Act 1956 stands dissolved with the setting up of National Company Law Tribunal (NCLT). As on 12.03.2018, only one case under section 55(3) of the Companies Act, 2013 is pending before the NCLT.
A total of 9,073 cases are under consideration in NCLT as on 31.01.2018, including 1,630 cases of Merger and Amalgamation, 2,511 cases of insolvency and 4,932 cases under other sections of Companies Act.
All efforts are being taken to dispose of the cases as per the time limits laid down in the Companies Act, 2013 and the Insolvency and Bankruptcy Code, 2016. Systems and procedures including electronic/Information Technology systems are being used on the extensive basis to ensure quick disposal of cases.
This was stated by P.P. Chaudhary, Minister of State for Corporate and Law & Justice in Rajya Sabha today.
