Chennai, Oct 31 (PTI) The Madras High Court on Wednesday issued a notice to the Insolvency and Bankruptcy Board of India (IDBI) on a petition which sought to restrain it from proceeding with insolvency applications of corporate bank loan defaulters.
Justice R Mahadevan also impleaded the Reserve Bank of India as a respondent.
The court observed that when farmers are dying due to inability to repay loans, the attitude of bankers towards such corporate defaulters has to be viewed seriously.
Petitioner Siddarth Govind, an advocate, submitted that five major corporate bank loan defaulters alone owed around Rs 78,000 crore to various banks.
He sought a direction restraining the IDBI from proceeding with the insolvency applications till disposa…
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