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New bankruptcy law: Multiple delays in first case offers cautionary tale

New law mandates 180 days to resolve cases, Innoventive in proceedings since 6 months

Reuters  |  Mumbai 

In January, Innoventive Industries, a speciality steelmaker based in western India, was forced into the bankruptcy court by its lenders, testing for the first time new insolvency rules that aim to resolve India's $150 billion bad debt overhang. The company, which makes steel tubes and auto parts for customers including Ford, Volkswagen and Tata Motors, posted its third straight annual loss in 2016, prompting ICICI, one of its lead lenders, to trigger bankruptcy proceedings early this year. Nearly six months on the proceedings against Innoventive, seen as a test case for ...

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First Published: Tue, July 11 2017. 10:57 IST
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