 "Stressed assets, Bad loans, IBC, Illustration: Binay Sinha")
At last, India's in-court bankruptcies will show some urgency and common sense.
On Wednesday, the government said it would amend the 2016 insolvency law, a signature reform of Prime Minister Narendra Modi's first term. Investors will cheer.
The legislation was getting mired in frustrating legal delays and bizarre judgments, threatening to scare off global investors from a $200-billion-plus bad-debt cleanup. The last straw was the recent order by the insolvency tribunal judges in the $6 billion sale of Essar Steel India Ltd to ArcelorMittal. The judges ruled that secured creditors would have no seniority over unsecured creditors and suppliers.
As
