Minister of State for Corporate Affairs and Law & Justice PP Chaudhary has said in the Rajya Sabha that as on this March 12, only one case under Section 55(3) of the Companies Act, 2013 is pending before the NCLT. Section 55 of the 2013 Act contains provisions on redemption of preference shares.
The minister further stated that a total of 9,073 cases were under consideration in NCLT as on January 31, 2018, including 1,630 cases of merger and amalgamation, 2,511 cases of insolvency and 4,932 cases under other sections of the Companies Act.
He said all efforts were 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 extensive basis to ensure quick disposal of cases.
The Company Law Board (CLB) set up under the Companies Act 1956 stands dissolved with the setting up of National Company Law Tribunal (NCLT), under the Companies Act 2013.