In a bid to complete the resolution of large stressed accounts, the central government has set a March deadline for lenders and resolution professionals to speed up resolution plans of nine of the twelve high-value insolvency cases, with special focus on Essar Steel and Jaypee Infratech, according to media report.
These twelve accounts, which also include Bhushan Power, Alok Industries, ABG shipyards, Amtek Auto, Lanco, Era Infrastructure and Jyoti Structures, owed nearly Rs 2.5 lakh crore to lenders. Even after 18 months, the insolvency proceedings against them are yet to be completed- way above the 270-day deadline specified in the law, according to a Times of India report.
Under the Insolvency and Bankruptcy Code, once a case is admitt…
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