Insolvency and Bankruptcy Code: Cleaning the books

2017 has been a year of new beginnings and end for companies, with the insolvency and bankruptcy code being implemented in full swing. The Reserve Bank of India asked banks to refer 12 major non-performing accounts to the National Company Law Tribunal for resolution. Apart from this, voluntary liquidation also attracted many corporates looking to wind up businesses in India. Through the insolvency and bankruptcy proceedings against defaulters, public sector banks have recovered Rs 39.63 crore and have had to take a haircut of Rs 2.89 crore. 

Source: Public announcement documents/ http://ibbi.gov.in/webadmin/pdf/announcement/2017