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ARTICLE · 14 NOVEMBER 2018

Standard Chartered Requests For Being Financial Creditor

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The Bank on September 3, 2018 filed an application to recover USD 52.5 million from Ruchi Soya Industries Limited.

IndiaInsolvency/Bankruptcy/Re-Structuring
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In order to facilitate the smooth conduct of business transactions the Government has put in numerous efforts in the form policies and regulations. While the greatest threat posed to the lenders in the modern market operations is the impact of non-performing assets or bad loans. In order to maximize the value assets in a time bound manner, the Government enforced the Insolvency and Bankruptcy Code, 2016 (hereinafter referred to as the 'IBC').

Upon the admission of the application for insolvency resolution, the insolvency resolution professional appointed thereunder takes care of various related aspects including claim verification, evaluation of the properties of the debtor and implementation of a revival plan before effective liquidation by disposal of assets.

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