Lenders fear taxmen will eat into recovery pie

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A Supreme Court order in India has recognized tax departments and government agencies on par with secured creditors under the Insolvency and Bankruptcy Code (IBC). This means that banks may see a reduced scope of recovery from bankrupt borrowers, as tax authorities are likely to claim a large chunk of the recovery. Bankers are concerned that this could compromise the efficacy of the IBC process for lenders, and are calling for the government to resolve the issue.

from Business News: Latest News on Business, Stock Markets, Financial News, India Business & World Business News https://ift.tt/WUGnSuL

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