Clock Ticking on India's Bad Bank Debts Under Bankruptcy Law
- India’s central bank to release more lists in coming months
- Tackling bad loans ‘biggest priority,’ government adviser says
A pile of 1000 rupee notes in a bank vault in Ahmedabad on Nov. 11.
Photographer: Sam Panthaky/AFP via Getty ImagesThis article is for subscribers only.
India’s central bank plans to use insolvency laws against more corporate defaulters to speed up resolution of the country’s bad loans that have swelled to $180 billion.
“The clock’s already ticking -- some cases are already before the National Company Law Tribune," said Sanjeev Sanyal, principal economic adviser to the finance ministry. "More lists will be out in the next few months." Cleaning up India’s stressed loans is the biggest priority of Prime Minister Narendra Modi’s government, Sanyal said in an interview in New Delhi.