RBI amends order on bankruptcy action

7/13/2017
  • The Reserve Bank of India (RBI) has amended its earlier order asking banks to initiate bankruptcy proceedings against 12 companies which have outstanding loans amounting to over Rs 5,000 crore as on March 2016.
  • "The IAC (Internal Advisory Committee) noted that under the recommended criterion, 12 accounts totaling about 25 percent of the current gross NPAs of the banking system would qualify for immediate reference under IBC (Insolvency and Bankruptcy Code, 2016)”
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