November 23, 2017 / 9:40 AM / in 18 days

India's insolvency and bankruptcy law amended- fin min

NEW DELHI, Nov 23 (Reuters) - India has amended the Insolvency and Bankruptcy Code to prevent wilful defaulters from bidding for stressed assets, the finance ministry said on Thursday.

The ministry said in a series of tweets that India’s president had given clearance for the amendments, which follow cabinet approval on Wednesday.

Under Indian law, wilful defaulters are classified as firms or individuals who own large businesses and deliberately avoid repayments. (Reporting by Tommy Wilkes; Editing by Krishna N. Das)

Our Standards:The Thomson Reuters Trust Principles.
0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below