India’s Insolvency Tribunal are hearing only cases of highly risked because of the spikes of covid. The death of a judge in National Company Law Tribunal in Delhi. These rising infections among members have shocked the fraternity. These situations amounts to some delay in filing the IBC cases because of this present situation of India which is Struggling against the second wave of corona pandemic. This second wave affects the infections and shortage of medical oxygen, beds and ICUs which lads patients succumbing to these infections.
Therefore, across the India, only urgent cases were about to heard from 20 April which was decided by the NCLT benches, said by insolvency lawyers.
Faisal Sherwani who is a partner at law firm L&L partners said that Judicial Forum which is now going to solves the cases which are highly risked to address and to overcome the pandemic situation. And also mentioned that in constitutional cases most of the cases were sended to insolvency tribunal would not qualify for urgent hearing and waiting for another six months.
Out of 2422 IBC cases which were concluded at the tribunals a staggering of 1126 we’re through Liquidation which only 317 had a successful resolution plan as on 31 December.