The Reserve Bank of India (RBI) has identified 12 of the country's biggest loan defaulters and said creditors must pursue bankruptcy proceedings against them, as it begins to cut the $150 billion in stressed debt hobbling Asia's Number 3 economy. The move comes about a month after the government gave the RBI power to direct lenders to initiate the insolvency resolution process in the event of default. Such a process would be carried out under the largely untested Insolvency and Bankruptcy Code enacted in 2016. Outlined below are the steps lenders must now take ...
India's bankruptcy code process for creditors, defaulters
As it begins to cut the $150 billion in stressed debt hobbling Asia's number 3 economy
Reuters Last Updated at June 14, 2017 18:23 IST