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Panel to study if delinquent owners can repurchase assets

Fifty of India's biggest defaulters are facing insolvency proceedings and may be sold off by court-appointed professionals, in a process where banks may have take losses on their loans

Shruti Srivastava | Bloomberg 

India has set up a panel to review provisions of the 11-month-old bankruptcy law, including whether to bar defaulting founders from repurchasing assets. The committee set up to improve The Insolvency and Bankruptcy Code will have 14 members and includes officials from the finance ministry, the Reserve Bank of India and representatives from industry and accountants group, Corporate Affairs Minister P P Chaudhary said in an interview on Monday. The code, in force since December 2016, aims to accelerate winding up process of loss-making companies or recovering dues. “The government will ...

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First Published: Wed, November 22 2017. 01:07 IST