Banks brace for new wave of postcode war
Last year, as a pandemic hit the economy hard, all proceedings against defaulting debtors under the Insolvency and Bankruptcy Code were suspended, initially until September 2020 and later by two extensions, until March 24, 2021. Now the bankruptcy insolvency proceedings the courts will resume vigorously, although the default threshold has been raised from 100,000 rupees to 1 crore rupee to protect small businesses, who have not been able to repay bank loans during times of unrest.
This is, however, only part of the story that will unfold soon. The Supreme Court lifts the …
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First published: Sun March 28, 2021. 9:38 PM IST