Indias banking industry is in the throes of a crisis. Bad debts are piling up at banks. Earlier, the multiplicity of laws dealing with the insolvency of a company has been a problem in the way of banks failing to recover their loans.
The new insolvency and bankruptcy code brought by the incumbent National Democratic Alliance (NDA) government has given the headroom to companies indebted massively and performing miserably to declare themselves as bankrupt and it has also facilitated the lenders to expedite recovery and resolution of stressed assets. Thereby, many are heading towards National Law Company Law Tribunal. This is a crucial step towards taking India out non-performin…
Read the full article at: http://businessworld.in/article/Will-Insolvency-Code-Resolve-Liquidation-Crisis-/02-08-2017-123369/