 "Insolvency and Bankruptcy Code: Cleaning the books")
2017 has been a year of new beginnings and end for companies, with the insolvency and bankruptcy code being implemented in full swing. The Reserve Bank of India asked banks to refer 12 major non-performing accounts to the National Company Law Tribunal for resolution. Apart from this, voluntary liquidation also attracted many corporates looking to wind up businesses in India. Through the insolvency and bankruptcy proceedings against defaulters, public sector banks have recovered Rs 39.63 crore and have had to take a haircut of Rs 2.89 crore.
Source: Public announcement documents/ http://ibbi.gov.in/webadmin/pdf/announcement/2017
One subscription. Two world-class reads.
Already subscribed? Log in
Subscribe to read the full story →*Subscribe to Business Standard digital and get complimentary access to The New York Times
Smart Quarterly
₹900
3 Months
₹300/Month
SAVE 25%
Smart Essential
₹2,700
1 Year
₹225/Month
SAVE 46%
*Complimentary New York Times access for the 2nd year will be given after 12 months
Super Saver
₹3,900
2 Years
₹162/Month
Subscribe
Renews automatically, cancel anytime
Here’s what’s included in our digital subscription plans
Exclusive premium stories online
Over 30 premium stories daily, handpicked by our editors
Complimentary Access to The New York Times
News, Games, Cooking, Audio, Wirecutter & The Athletic
Business Standard Epaper
Digital replica of our daily newspaper — with options to read, save, and share
Curated Newsletters
Insights on markets, finance, politics, tech, and more delivered to your inbox
Market Analysis & Investment Insights
In-depth market analysis & insights with access to The Smart Investor
Archives
Repository of articles and publications dating back to 1997
Ad-free Reading
Uninterrupted reading experience with no advertisements
Seamless Access Across All Devices
Access Business Standard across devices — mobile, tablet, or PC, via web or app
SAVE 25%