MUMBAI: Finance Minister Arun Jaitley today assured debt-laden companies that the objective of the new insolvency law is not to banish them but to save them while ensuring that "debts are serviced". "The old regime by which the creditor would get tired of chasing the debtor and end up recovering nothing is over now. PSU banks alone account for about 75 per cent of the total bad loans. It could be a case of mismanagement, it could also be a case of deliberate mismanagement including some malfeasance on behalf of the promoters. "The old regime by which the creditor would get tired chasing the debtor and end up recovering nothing, is now over.

Source: Economic Times August 19, 2017 12:56 UTC