The
Reserve Bank of India (RBI) has amended its earlier order asking banks
to initiate bankruptcy proceedings against 12 companies which have
outstanding loans amounting to over Rs 5,000 crore as on March 2016.
"The
IAC (Internal Advisory Committee) noted that under the recommended
criterion, 12 accounts totaling about 25 percent of the current gross
NPAs of the banking system would qualify for immediate reference under
IBC (Insolvency and Bankruptcy Code, 2016)”
