Indias new insolvency and bankruptcy regime has been functioning for a year without any disclosure norms or mandatory transparency regulations. In the first year of its application, the regime is already dealing with more than 450 cases that add up to thousands of crores of rupees of unsettled debts. Neither the details of the cases being dealt with nor the deliberations over the case by creditors behind closed doors nor the final decision of either resolution or liquidation are being put out in public.
This has led to rumours and controversies about the decisions being taken by the tribunals set up under the regime, as well as the deep discounts banks and other financial lenders have had to take to settle their debts.
The new …
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