 "bankruptcy code, Insolvency and Bankruptcy Code, IBC, bankruptcy")
Tightening of the Insolvency and Bankruptcy Code (IBC) to keep willful defaulters from bidding for assets has given lenders a short in the arm.
Banks, armed with the new rule, are gearing up to send more accounts to the National Company Law Tribunal (NCLT), especially those that have gone through the strategic debt restructuring (SDR) process in the past two and a half years but failed to find a resolution.
Since the Reserve Bank of India (RBI) issued the SDR guidelines, banks have converted debt into equity in 20 companies but managed to divest stake only in one company — Adhunik Power.
