July 12, 2018

IBC effect: Promoters are lining up to pay their dues

Promoters of companies in default have started seeking an audience with bankers to pay up, seeing how big-name corporate families have lost their family jewels since the Insolvency and Bankruptcy Code (IBC) came into effect.

Bankers say there is palpable fear among erring promoters that the banking system just cannot be taken for granted, and any delay in loan repayment could mean promoters losing business.

Bankers say promoters are now eager to do a one-time settlement (OTS) of their accounts, and square off their dues, without even being prompted by banks.

Read more at http://www.rediff.com/business/report/ibc-effect-promoters-are-lining-up-to-pay-their-dues/20180711.htm

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