Mumbai: Valuation of the stressed assets facing insolvency proceedings is unlikely to be impacted with the Ordinance that debars promoters who have been tagged as willful defaulters from bidding for such assets, SBI chairman Rajnish Kumar said.
The President on Thursday gave his assent to the Ordinance amending the Insolvency & Bankruptcy Code, 2016. The Ordinance keeps out those promoters who have willfully defaulted on their debt obligations or are habitually non-compliant and, thus are likely to be a risk to successful resolution of the insolvent company.
The new law will also make ineligible those who have their accounts classified as non-performing assets for one year or more and are unable to settle their overdue amounts with interes…
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