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IBC Code Should be Only Used to Deter Companies from Defaulting
May 28, 2018
Bankruptcy Board chief MS Sahoo says that the best use of Insolvency and Bankruptcy Code is not using it. This statement was made days after the Rs 36,400 crores buyout of the Bhushan Steels by a Tata Groupd company. He further adds that there have been numerous cases of the defaulting companies paying off the defaulted amount after the trigger application is filed before the adjudicating authority but before its admission. The IBC Code should be used only to deter companies from defaulting. After the successful resolution of the Bhushan Steel account, the focus has now shifted towards the next-in-line cases like that of Amtek Auto that has defaulted around Rs 14,074 crore.
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