Slow to start, banks wrestle with insolvency regime

As on July 10, 112 such announcements have been made and banks account for just 17 announcements

Neeraj Singhal, promoter and vice-chairman of Bhushan Steel, was arrested by the Central Bureau of Investigation (CBI) in August 2014. Singhal’s arrest came days after the agency had arrested S K Jain, the then chairman and managing director of Syndicate Bank on bribery charges.

Soon after, the Bhushan Steel account was referred to a joint lenders’ forum. It was part of the Reserve Bank of India’s (RBI) asset quality review in 2015 before being declared a non-performing asset (NPA) by the end of 2015-16. Three years later, Bhushan Steel is one of the 12 companies recommended for insolvency proceedings by the