 "K C Chakrabarty")
K C Chakrabarty, former deputy governor, RBI, talks to Anup Roy on issues in the new bankruptcy law and rules. Edited excerpts:
The new ordinance gives scope for existing promoters to bid in a resolution process. Is that good or bad?
Earlier, it was that existing promoters cannot bid. Now, the ordinance says the promoters can bid, if they meet certain conditions. Two things here — if someone is a defaulter, he cannot go for additional finance. So, how will he utilise the facility? He has to make the account a standard one, by paying out the overdue. This
