Many people see bankruptcy as the end of the world. In fact, it’s just the beginning; the beginning of a new life unencumbered by debt. Rising corporate debt and higher default rates in India have led to a continuous increase in distressed loans in the Indian financial system. The total amount of gross non-performing assets (NPAs) for both public and private sector banks is close to Rs 6 lakh crore
Suraj Nangia, Partner, Nangia insolvency Professionals LLP contributed an article on “Bankruptcy code a blessing for creditors as well as promoters”.
Reference Link – http://www.dnaindia.com/money/report-bankruptcy-code-a-blessing-for-creditors-as-well-as-promoters-2399157