Banks seek suspension of insolvency proceedings for 2 years

0
470

If the proposal is accepted, it will affect high-profile insolvency cases like Videocon Industries, Reliance Communications and Lavasa Corp, which are pending with the National Company Law Tribunal, the newspaper reported. There were 1,961 cases pending in courts as of December.

Banks have made claims of 750 bln rupees against Videocon Industries and 760 bln rupees against Reliance Communications. The proposal will not include cases where a resolution has already been approved by the tribunal. Bankers want relevant provisions of the Insolvency and Bankruptcy Code to be suspended as bidders were either backing out or wanted to make changes in their original plans.

LEAVE A REPLY

Please enter your comment!
Please enter your name here

This site uses Akismet to reduce spam. Learn how your comment data is processed.