SC upholds bankruptcy code, defaulters at risk

The SC rejected petitions challenging the country's bankruptcy laws, including a rule that bans owners of insolvent firms from bidding to buy back assets auctioned as part of the bankruptcy proceedings. The ruling upheld fledgeling bankruptcy and insolvency rules and is expected to pave the way for banks to recover billions of dollars from bankrupt firms mired in litigation.

from Business News: Latest News on Business, Stock Markets, Financial News, India Business & World Business News http://bit.ly/2HxiWFh

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