Corporate Insolvency Resolution Process

The original February 12, 2018, circular was explicit that resolution plans should be drawn up on unanimous approval by all lenders

According to Mukhopadhaya, 1,100 corporates are undergoing insolvency resolution process and about 250 of them have completed the process by resolution or liquidation

With the amended norms, there is more clarity on procedural requirements for various classes of creditors, including home buyers

The rules mandate that a bad-loan resolution plan must be agreed upon within 270 days, failing which they require liquidation of the company's assets

Given how high the stakes are for promoters for whom their companies are their only identity and for bidders who are hoping to take a competitor out, litigation should have been expected

Axis Bank chief Shikha Sharma said that there is 'some conversation' on this aspect already