The implementation of the Insolvency and Bankruptcy Code has been one of the most important reforms in recent years. Illustration: Jayachandran/Mint
The Indian banking system is struggling with a deluge of bad debt. At the end of the last financial year, total stressed assetsincluding non-performing and restructured assetswere estimated to be at over 12% of advances. In June, the Reserve Bank of India directed banks to start proceedings under the Insolvency and Bankruptcy Code (IBC) in 12 large accounts. As reported by this newspaper, the banking regulator has also asked banks to initiate the insolvency procedure in another set of at least 28 accounts if they dont get resolved in the given time frame.
The implementation of the IBC has been…
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