Arun Jaitley said the tribunal had started receiving corporate insolvency cases by the end of 2016.
- The tribunal had started receiving corporate insolvency cases by the end of 2016, he said, and 1,322 cases have been admitted by it so far.
- The amount apparently settled in a total of 4,452 cases disposed at pre-admission stage is around Rs 2.02 lakh crore as per the tribunal's database, he wrote in a blog post on Facebook.
- Out of these cases, 66 have been resolved after adjudication while 260 cases have been ordered for liquidation.
- Describing the NCLT as a trusted forum of high credibility, Mr Jaitley said: "Those who drive the companies to insolvency exit from management. The selection of new management has been an honest and transparent process."
- "There has been no political or governmental interference in the cases," he added.
- Mr Jaitley said the increase in conversion of non-performing assets (NPAs) into standard accounts, and the decline in new accounts falling in the NPA category show a definite improvement in the lending and borrowing behaviour.
- The early harvest through the Insolvency and Bankruptcy Code (IBC) process has been extremely satisfactory, he noted.
- The IBC process "has changed the debtor - creditor relationship. The creditor no longer chases the debtor. In fact, it is otherwise."
- He said that between 2008 and 2014, banks lent indiscriminately and this led to a very high percentage of NPAs, which was highlighted by the asset quality reviews of the central bank.
- At present, 21 state-run banks in the country - holding two-thirds of assets in the sector - account for the bulk of the record $150-billion of soured loans last year. (With agency inputs)
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