India's first comprehensive bankruptcy code has hit bumps with cases like the drawn-out takeover of Essar Steel. But the framework is starting to offer better recovery, prompting creditors to act sooner. That’s good news for lenders and investors: ugalani
India’s cabinet on July 17 approved several amendments to its insolvency framework to target faster resolution for creditors.
Cases must now be concluded within a maximum of 330 days including all litigation and legal disputes, up from a previous limit of 270 days. The revisions to the law also clarifies the rights of various creditors and makes the outcome of insolvency resolutions binding on central and state governments and local authorities.
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