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

insolvency, NPAs, banks, mutual fund, debt, loan

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 ...