NEW DELHI The Rajya Sabha passed a new bankruptcy code on Wednesday, as the opposition swung behind measures to take tougher action against corporate defaulters and help banks recover over $120 billion in troubled loans.
Prime Minister Narendra Modi, who completes two years in office this month, had promised to introduce the code to address bank debts and improve ease of doing business in Asia’s third largest economy.
India’s efforts to clip the wings of high-profile debtors suffered a setback in March when tycoon Vijay Mallya flew to London as bankers pressed him to repay about $1.4 billion owed by his defunct Kingfisher Airlines.
The insolvency and bankruptcy code, earlier passed by the Lok Sabha, will strengthen hands of lenders …
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