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Fearing Insolvency Action, Companies Pay ₹1.1 lakh crore
October 19, 2018
The Insolvency and Bankruptcy Code (IBC) is proving to be highly beneficial to the banks as loan defaulters and promoters of errant companies are paying up the owed money in fear of insolvency action and losing control over their enterprises. The banks have been able to collect as much as ₹1.1 lakh crores from the rogue borrowers.
Sources said that 977 cases have been admitted to National Company Law Tribunal (NCLT) under IBC which was 4 times higher than earlier. However, many of these are withdrawn before action is taken as the borrowers decided to pay the dues rather than face prosecution.
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