MUMBAI: Indian banks and companies have filed claims worth Rs 4,089 crore in the past three months under the Insolvency and Bankruptcy Code, which seeks to ensure time-bound settlement of insolvency. The code that came into effect in December has given the lenders a new tool to counter the problem of rising non-performing assets (NPAs), which soared to Rs 6.97 lakh crore in the quarter to December.
Bankruptcy code is the best option for bankers and if the timelines are met, this will deliver maximum results, said H Jayesh, cofounder at law firm Juris Corp. Data accessed by ET shows that 41 cases were registered for insolvency resolution with the National Company Law Tribunal (NCLT), the adjudicating body under the new code, between De…
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