Lok Sabha Passes Insolvency And Bankruptcy Code Amendment Bill
Posted on:31 Dec 2017 09:00:01
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31 December 2017 Current Affairs: The Lok Sabha passed the Insolvency and Bankruptcy Code (Amendment) Bill, 2017, which disqualifies wilful defaulters and existing promoters from bidding for stressed assets of companies undergoing insolvency proceedings.
The high levels of NPA at present are due to window dressing and due to evergreening of loans.
This situation has arisen because loans were restructured and not classified as NPAs.
The problems were shoved under the carpet and these came to light because of the asset quality review initiated by RBI in 2015.
Importantly, the bill replaces an ordinance that was brought in last month seeking to bar wilful defaulters, defaulters whose dues had been classified as non-performing assets (NPAs) for more than a year and all related entities of these firms from participating in the resolution process.
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