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  Business   Economy  22 Nov 2017  Cabinet nods amendments to insolvency and bankruptcy code

Cabinet nods amendments to insolvency and bankruptcy code

REUTERS
Published : Nov 22, 2017, 4:57 pm IST
Updated : Nov 22, 2017, 4:57 pm IST

The Finance Ministry had earlier asked banks to ensure that wilful defaulters were prevented from buying same stressed assets again.

The Cabinet on Wednesday gave approval to amend the Insolvency and Bankruptcy Code to prevent wilful defaulters from bidding for stressed assets. (Representational Image)
 The Cabinet on Wednesday gave approval to amend the Insolvency and Bankruptcy Code to prevent wilful defaulters from bidding for stressed assets. (Representational Image)

New Delhi: The Cabinet on Wednesday gave approval to amend the Insolvency and Bankruptcy Code to prevent wilful defaulters from bidding for stressed assets, two TV channels reported citing unnamed sources.

The Finance Ministry had earlier asked banks to ensure that wilful defaulters were prevented from buying same stressed assets again as it strives to cut the record USD 147 billion soured loans accumulated in the banking sector.

 

Finance Minister Arun Jaitley is scheduled to brief the media later on Wednesday.

Tags: insolvency and bankruptcy code 2016, union cabinet, finance ministry
Location: India, Delhi, New Delhi