Disenchanted by the long-drawn-out proceedings for insolvency resolution cases filed against large borrowers that have failed to repay loans, many banks are planning to approach the Insolvency and Bankruptcy Board of India (IBBI) for some succour.
Nearly a year after the Reserve Bank of India recommended a dozen large bad loan accounts for resolution under the countrys Insolvency and Bankruptcy Code (IBC), lenders are turning wary of the inability to meet specified timelines under the law, thanks largely to promoters deployment of tactics to stall proceedings inordinately.
As per the code, a corporate insolvency proceeding has to be resolved within 180 to 270 days. The deadline for most of these 12 cases is now clearly over, pointed out …
Read the full article at: https://www.thehindubusinessline.com/money-and-banking/to-speed-up-insolvency-proceedings-lenders-to-approach-ibbi-for-relief/article23884312.ece
