Preventing the pile up of NPAs — II - The Hindu BusinessLine thehindubusinessline.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from thehindubusinessline.com Daily Mail and Mail on Sunday newspapers.
India tests water with quicker ready-made bankruptcy process
SECTIONS
Last Updated: Apr 06, 2021, 03:05 PM IST
Share
Synopsis
An executive order by the federal government on Sunday means that SMEs can now work out a resolution with creditors before they reach court.
Getty Images
Market participants are pressuring authorities to allow larger companies to use this prepackaged system in order to speed up the process in India, where cases often languish for years.
Related
By Bijou George
India’s move to allow smaller firms to use a more efficient bankruptcy filing system opens the door for the broader adoption of a process that may help the country to tackle one the world’s worst bad debt problems.