Quantum Coeffectiveness of Individual Insolvency Resolution Process For Corporate Debtorsputing for Digital Transformation of Complex Business Operations
By: Rout, Alekha Charan
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Contributor(s): Girija Shankar.
Publisher: Kolkata CMA Kaushik Banerjee 2023Edition: Vol.57(12), Dec.Description: 63-68p.Subject(s): Construction Engineering and Management (CEM)Online resources: Click here
In:
Management and accountant journalSummary: Paradoxically, in India, we find many affluent promoters with sick companies. During the last five years, the Public Sector Banks (PSBs) in India have prudentially written off non-performing assets to the tune of ? 7,27,680 crores which is more than the capital infused by the Government of India in them. The PSBs have a right to recover this huge sum both from the corporates and the promoter-guarantors. The provisions of the Insolvency and Bankruptcy Code (IBC), 2016 relating to individual insolvency resolution process as to the personal guarantors (PGs) to the corporate debtors (CDs) were made effective from 1st December 2019, but have yielded little results even after three years of their implementation. Out of 1,235 applications filed with NCLTs, only 90 cases have been admitted as of 30th June 2022. This Study attempts to find out the causative factors for the delays in PG-to-CD resolution and suggest remedial measures for its smooth progress and maximisation of recovery.
| Item type | Current location | Call number | Status | Date due | Barcode | Item holds |
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Articles Abstract Database
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School of Engineering & Technology (PG) Archieval Section | Not for loan | 2023-1461 |
Paradoxically, in India, we find many affluent promoters with sick companies. During the last five years, the Public Sector Banks (PSBs) in India have prudentially written off non-performing assets to the tune of ? 7,27,680 crores which is more than the capital infused by the Government of India in them. The PSBs have a right to recover this huge sum both from the corporates and the promoter-guarantors. The provisions of the Insolvency and Bankruptcy Code (IBC), 2016 relating to individual insolvency resolution process as to the personal guarantors (PGs) to the corporate debtors (CDs) were made effective from 1st December 2019, but have yielded little results even after three years of their implementation. Out of 1,235 applications filed with NCLTs, only 90 cases have been admitted as of 30th June 2022. This Study attempts to find out the causative factors for the delays in PG-to-CD resolution and suggest remedial measures for its smooth progress and maximisation of recovery.
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