According to the Government, more than 9,000 cases are under consideration of the National Company Law Tribunal (NCLT), including over 2,500 cases of insolvency.
Commenting on the issue, Minister of State for Corporate Affairs P P Chaudhary told the media, "A total of 9,073 cases are 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 Companies Act."
As per reports, the Company Law Board was dissolved following the setting up of the NCLT under the Companies Act, 2013.
“Systems and procedures, including electronic/ information technology systems are being used on extensive basis to ensure quick disposal of cases," he said.
According to Chaudhary, actions under the companies law as well as criminal law are under progress against vanishing companies as well as their directors and promoters.