Out of 41,844 cases that came before adjudicating authorities up to March 31, 25,980 were disposed at the pre-admission stage, involving ₹8,81,329 crore of underlying defaults, mainly due to the code that led to a behavioural change in creditordebtor relations, they said, requesting anonymity.
The bankruptcy code, a major reform for faster and timely resolution of non-performing assets (NPAs), was enacted on May 28, 2016. It prompts corporate borrowers to settle their dues with creditors or banks as they would otherwise lose control of their firms if a corporate insolvency resolution process is initiated.
And that's just what they have been doing, one of the officialscited above added.
"Thousands of debtors are resolving distress in early stages. They are resolving when default is imminent, on receipt of a notice for repayment but before filing an application, after filing application but before its admission, and even after admission of the application, and making best effort to avoid consequences of the resolution process."
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