It is ironical that while the 2017 Forbes India List says that the combined net worth of Indias 100 wealthiest stood at a whopping $479 billion, top corporate borrower groups in India are unable to repay loans and make timely interest payments.
Tackling NPAs
The government has taken the high moral ground to deal with the menace of non-performing assets or NPAs that have brought many public sector banks on the verge of bankruptcy. It sounded the bugle for errant promoters with its ordinance of November 23 amending the Insolvency and Bankruptcy Code (IBC) 2016. Many are of the view that if the errant promoter is disqualified from the bidding process it will lead to further losses for banks.
However, the ordinance is not likely to either eli…
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