Tag: Bankruptcy

Bankruptcy is a state or condition of a person, be it an individual, partnership or corporate, who is unable to pay its debts as they are or become due. In India, since long, there was no single law to deal with this state of Insolvency and Bankruptcy. Suraj Nangia, Partner contributed an article on Decoding the Insolvency and Bankruptcy Code, 2016 for Taxsutra- Lawstreet India & takes a deep dive into…

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 …