Mumbai: The government plans to come up with a separate legislation for registered valuers who can help arrive at better valuation of bankrupt companies under the insolvency process, Corporate Affairs Secretary Injeti Srinivas said on Saturday.
Of the 40 largest NPA accounts sent to various National Company Law Tribunals (NCLTs) since last July, which together constitute around 40 percent of over Rs 11 trillion worth of bad loans, only seven had been resolved so far, where the banks took an average haircut of over 60 percent since some accounts such as Alok Industries were bid out for only 17 percent of the money owed to lenders.
Representational image. Getty
Noting that the Insolvency and Bankruptcy Code (IB…
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