SBI Chairman Says Challenges Won’t Derail Insolvency Process
The head of India's largest lender said despite the recent challenges to the nation’s new bankruptcy law, things are "by and large” looking fine. It’s a new law and things are still getting tested but that should not dishearten anyone, Rajnish Kumar, chairman of State Bank of India, told BloombergQuint in an interview. “Courts have not avoided or halted the process. The committee of creditors have been allowed to proceed. The final decision is up to the NCLT.”Lenders were already aware that under the Insolvency and Bankruptcy Code, the resolution plan approved by the committee of creditors would not be the final decision, Kumar said. “Finally, it’s a judicial process even as the right to speak remains intact. It’s an evolving process and we.....