New Delhi, Jan 29 (IANS): The Insolvency and Bankruptcy Code, 2016 (IBC) mechanism "is being used actively" to resolve the NPA (non performing assets) problem of the banking sector, the Economic Survey 2017-18 tabled in Parliament said on Monday.

According to survey presented by Finance Minister Arun Jaitley in Parliament said that major factor behind the effectiveness of the new Code has been the adjudication by the Judiciary.

"The Code prescribes strict time limits for various procedures under it. In spite of the large inflow of cases to NCLT benches across India, these benches have been able to admit or reject applications for CIRP (Corporate Insolvency Resolution Process) admissions with few delays," the survey said.

"In addition, appellate courts, including the NCLAT, High Courts and the Supreme Court have also disposed appeals quickly and decisively. In this process, a rich case-law has evolved, reducing future legal uncertainty."

As per the survey, over 1,300 Insolvency Professionals are registered (under three Insolvency Professional Agencies).

"The first Information Utility has also started functioning. Over 525 cases of corporate insolvency have been admitted across all the National Company Law Tribunal (NCLT) benches," the survey said.

"In addition, 108 Voluntary Liquidation proceedings and one Fast-Track Corporate Insoluency Resolution have also been initiated."