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IBC'S 2021 JOURNEY
BANKING FINANCE
|March 2022
Thought passed by the Parliament in May 2016, the Insolvency and Bankruptcy Act (IBC), picked up momentum only when RBI recommended 12 significant cases for IBC.
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The first case of the substantial takeover was Bhushan Steel, wherein Tata Steel bought it in the resolution process for Rs. 32,500 crore with a 60 per cent haircut by lenders. Over time, the government tried to proactively make changes to the code to uphold the spirit of the code. One such amendment was the introduction of Section 29A to stop defaulters/defaulting promoters from bidding for companies undergoing the resolution process. Another was giving home buyers the status of a creditor. If implemented, the code, as intended, will be a major milestone for the Indian landscape.
However, it has its fair share of shortcomings as of date. The key highlights, both positive and negative, are shown below:
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Esta historia es de la edición March 2022 de BANKING FINANCE.
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