(Anjali Shreya, Intern Journalist): A senior executive of the State Bank of India (SBI) said on Saturday that the excess of debt in a business model of a company is indicative of a fundamental problem. Arijit Basu, managing director of SBI’s commercial customer groups, said the Insolvency and Bankruptcy Code (IBC) has given an equal opportunity to the corporate sector and banks. In a two-day conference organized by the Insolvency Professional Institute of India (IIIPI) of ICAI, he said, “The excess of debt in the business model of a company is indicative of a fundamental problem.” Basu said, outlining the utility of insolvency law in dealing with non-debt companies.
If the company does not have a strong debt resolution plan, then our (banks) have a viable solution plan under the IBC. ”Mukulita Vijayvargiya, the member of the Credit Corruption-Disability and Bankruptcy Board of India (IBBI), said that the objective of this code is companies. It has to be corrected and we have got a lot of success on this front. IIIPI President Ashok Haldia said that the IBC should be empowered to meet the new challenges.
About Post Author
