The Insolvency and Bankruptcy Code, 2016 was passed in May 2016, changing the legal framework for insolvency resolution in India. The Insolvency and Bankruptcy Code, 2016 (IBC) was passed in May 2016, changing the legal framework for insolvency resolution in India for ever. Tata Steel Ltd has also made a bid for Bhushan Steel for around Rs24,000 crore. The others include Monnet Ispat & Energy Ltd, Electrosteel Steels Ltd, Jyoti Structures Ltd, Amtek Auto Ltd, Alok Industries Ltd, Lanco Infratech Ltd, and Jaypee Infratech Ltd, besides Bhushan Steel. Armed with the insolvency code, Indian bankers are set to rewrite the corporate history.

Source: Mint February 11, 2018 18:11 UTC