“We have run the entire resolution process thrice since 2018, but the case still isn’t resolved," a person involved in the hospital’s bankruptcy proceedings told Mint. Publicly-owned banks with massive bad loans on their books hoped that the case would pave the way for speedy bankruptcy resolution in India. A case in point is Bhushan Power and Steel, which JSW Steel, one of India’s largest steel firms, is waiting in the wings to take over. Recent statistics show that three-fourths of the companies under insolvency resolution yielding liquidation were sick/defunct to begin with," Rathi said. Sahoo, chairperson of the Insolvency and Bankruptcy Board of India (IBBI), believes we need to give the code time to mature.

Source: Mint December 27, 2020 16:39 UTC