The first case of the substantial takeover was Bhushan Steel, wherein Tata Steel bought it in the resolution process for Rs. 32,500 crore with a 60 per cent haircut by lenders. Over time, the government tried to proactively make changes to the code to uphold the spirit of the code. One such amendment was the introduction of Section 29A to stop defaulters/defaulting promoters from bidding for companies undergoing the resolution process. Another was giving home buyers the status of a creditor. If implemented, the code, as intended, will be a major milestone for the Indian landscape.
However, it has its fair share of shortcomings as of date. The key highlights, both positive and negative, are shown below:
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This story is from the March 2022 edition of BANKING FINANCE.
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This story is from the March 2022 edition of BANKING FINANCE.
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