Four days after Indias biggest lender rushed to sell its outstanding advances to Essar Steel, New Delhi appears to be stepping in to help expedite the resolution of top 12 default cases that make up about a fourth of the countrys bad-loan pile.
The government has called a meeting on Monday with the resolution professionals and lenders of the dozen cases, three people familiar with the matter told ET. Timelines have already run beyond what is permitted by law in many cases. Three lenders from each of the dozen cases are expected to attend the meeting.
Injeti Srinivas, Secretary, Ministry of Corporate Affairs, and M S Sahoo, chairman of Insolvency and Bankruptcy Board of India (IBBI), will take stock of the situation on the technical imped…
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