Many companies are battling insolvency proceedings, and a lot of them will see either promoters giving up or being taken over. In June 2017, the Reserve Bank of India referred 12 accounts, identified as wilful defaulters, to the insolvency process under the Insolvency and Bankruptcy Code (IBC).
Later in the year, it identified 28 more accounts as wilful defaulters. In November, through an ordinance, the Centre tweaked the IBC to debar wilful defaulters and those with NPA accounts from bidding for their own assets in auctions to recover defaulted loans.
The 180-day limit for resolving cases mean a lot of resolutions/auctions will happen in 2018. The big names on the list include Essar Steel, Bhushan Steel, JP Infra and ABG Shi…
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