Mumbai: In late autumn 2016, Delhi embarked on one of the biggest reforms programmes for India Inc., building a dedicated bankruptcy framework. A year after the courts began the extrication process for potentially ?9 lakh crore stuck in non-performing loans, not one of the 405 cases has breached the nine-month resolution deadline in a country known for its legal labyrinth.
Before time was called in some of the cases, various benches of the National Company Law Tribunal (NCLT) approved revival plans for five bad loans.
Another 14 cases under the Insolvency and Bankruptcy Code (IBC) have been referred for liquidation, with NCLT benches giving their approvals on mothballing the defaulting companies. Until Dec 4, a total of 85 companies …
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