MUMBAI: State Bank of India chairman Rajnish Kumar has said that there are many new buyers interested in taking over defaulted companies and the value of these businesses will not dip if promoters are prevented from bidding for them.
The SBI chairman’s statement comes after the government amended the Insolvency and Bankruptcy Code to bar even ordinary defaulters from bidding for assets under the insolvency process. The new amendment states that those who have their accounts classified as non-performing assets for one year or more and are unable to settle their overdue amounts submission of the resolution plan, cannot bid.
“This presumption that there would not be many bidders is wrong. If you look at the expression of inter…
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