Firms, lenders ask RBI to extend insolvency deadline

If debt resolution is not finalised by December 13 for the 28 companies, insolvency proceedings will kick off

With time running out for a resolution of the second list of non-performing assets (NPAs) on the Reserve Bank of India (RBI) list, lenders and corporate bodies have approached the central bank for extending the December 13 deadline.

If debt resolution is not finalised by December 13 for the 28 companies on the list, insolvency proceedings under the Insolvency and Bankruptcy Code (IBC) will be initiated. The debt exposure of these companies would be more than Rs 1 lakh crore.

“No major progress has been made so far in debt resolution for the 28 accounts. Hence, some banks have sought