MUMBAI: Old habits die hard and Indian promoters and companies are proving just that when it comes to bankrupt firms and those bidding for them. They are pursuing legal options that may end up delaying or even disrupting the insolvency resolution process.
While bankrupt companies such as Videocon Industries and BILT Graphic Paper are using the civil justice system to oppose resolution proceedings, companies including UltraTech Cement, Renaissance Steel, Larsen & Toubro and Liberty House are knocking on the doors of the National Company Law Tribunal with their gripes about the process followed under Insolvency & Bankruptcy Code.
Legal hurdles could stall the insolvency resolution process, Uday Kotak, vice chairman of Kotak Mahindra Ban…
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