Never before have so many of Indias most-indebted companies faced the threat of insolvency proceedings.It is somewhat hard to capture, or even understand, the full import of all that has happened in corporate India over the past two weeks, but this is clearly a new chapter playing out. Events have unfolded very quickly after RBI said on June 13 that it had picked a dozen defaulting companies to which bankers should apply the Insolvency and Bankruptcy Code (IBC). Having failed to recover their dues and unable to find buyers for any of the businesses, lenders have got together and decided that half of these, including the Ruia-owned Essar Steel, should be referred to the National Company Law Tribunal (NCLT). In the meanwhile…
Read the full article at: http://www.financialexpress.com/opinion/insolvency-never-before-have-so-many-of-indias-most-indebted-companies-faced-this-threat/735679/
