Big companies in the steel and infrastructure sectors dominate the list of 12 large accounts identified by an RBI panel for resolution under the Insolvency and Bankruptcy Code, 2016 (IBC). The collective outstanding debt of these accounts is about ₹2-lakh crore.
Lead banks to these companies will hold meetings of the Joint Lenders Forum (JLF) over the next couple of weeks to hammer out the nitty-gritty of referring them to the National Company Law Tribunal. The Tribunal, in turn, will appoint insolvency resolution professionals to not only draw up a resolution plan for the companies, but also manage their operations. Read more
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