The aggregate debt involved in seven stressed companies, now cleared for insolvency proceedings, is Rs 1.3 lakh crore, a little over half the amount that these companies owe banks.With the NCLT (National Company Law Tribunal) allowing insolvency proceedings to be initiated against companies even if winding-up petitions are pending before high courts, provided these have not been admitted, some headway has been made in resolving the problem of non-performing assets. Several defaulting companies had argued that insolvency proceedings under the Insolvency and Bankruptcy Code (IBC) would be infructous if winding-up petitions were pending before high courts.
The aggregate debt involved in seven stressed companies, now cleared …
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