"The guarantee has been approved by the department of financial services (DFS) earlier this week. It is now expected that NARCL will complete the take over of SPML debt by next week, the first takeover by the bad bank in more than three months," said a person aware of the process.
The creation of statutory charges and the subsequent recovery process initiated by the tax department has often clashed with the recovery mechanisms used by secured creditors like banks under the.
This is the second in a two-part series article providing suggestions with respect to the recent discussion paper published by the MCA on 18 January 2023, proposing several major amendments to the IBC Code, 2016.