MUMBAI: Legislative changes are combining with the stress of the shock demonetising of high value notes to corner corporate defaulters, cozy after declaring themselves as sick units, because they are finally finding themselves within a striking distance of their creditors, with the disbanding of the Board of Industrial and Financial Reconstruction (BIFR).
Cases listed before the panel include those of Uttam Galva, Zenith Computer, Moser Baer, Lilliput Kidswear and Avaya Industries, among a list of more than hundred cases.
This will give more teeth to settle negotiations because the comfort of interminable delay will go, said SBI chairman Arundhati Bhattacharya. Several thousand crores of loans have been stuck in the long drawn proces…
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