 "bankruptcy, law, insolvency")
Banks on Friday sent all companies from the Reserve Bank of India’s second list of defaulters on large-size corporate loans to the National Company Law Tribunal (NCLT) for insolvency resolution.
This was after RBI refused to a proposal from the banks to relax the rules in this regard for those companies which are close to a resolution.
Videocon Industries, Jaiprakash Associates and Jayaswal Neco Industries are now among those to face NCLT proceedings for resolution of their loans. These three were recommended by banks for resolution outside the NCLT process but RBI, as mentioned, negatived this.
Under the Insolvency and Bankruptcy Code, a
