Number of cases withdrawn under Sec 12A of IBC sees a spike in Q3 FY19

An amendment in the Insolvency and Bankruptcy Code (IBC) last year to insert Section 12A which allowed withdrawal of cases admitted to the National Company Law Tribunal (NCLT) has slowly begun to make an impact.
 
At the end of December 2018, two years after the IBC came into effect, 586 cases have been settled one way or another.
 
Of these cases, 11 per cent were actually withdrawn under Section 12A, while resolution plans were approved in only 13 per cent of cases. A staggering 52 per cent of companies ended up in liquidation, while another 24 per cent