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23
November 2017
 |
Indian
Parliament (The
Total Investment & Insurance Solutions)
India's
cabinet on Wednesday approved amendments to the Insolvency and Bankruptcy Code,
the finance minister said, changes that are designed to prevent wilful
defaulters from bidding for stressed assets.
Finance
Minister Arun Jaitley announced approval for the amendments following a cabinet
meeting but did not provide details. Local media has widely reported that the
amendments will stop wilful defaulters from buying stressed assets that they
previously owned. The Total Investment
& Insurance Solutions
The
government is striving to cut a record $147 billion of soured loans accumulated
in the banking sector by making it easier to force companies into insolvency. The Total Investment & Insurance
Solutions
Under
Indian law, wilful defaulters are classified as firms or individuals who own
large businesses and deliberately avoid repayments.
The
finance ministry has already asked banks to ensure that wilful defaulters are
prevented from buying back assets.The
Total Investment & Insurance Solutions
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