The 21st meeting of FSDC comes against the backdrop of the economy hitting a six-year low growth rate of 5 per cent in the first quarter of 2019-20. Even some of the macroeconomic data for the second quarter does not portray an encouraging picture of the economy.
With the amendment, firms like EY and Deloitte can work as resolution professionals instead of only their partners enrolling as insolvency professionals.
With assets depreciating over time, it will lead to large haircuts for lenders and creditors, say experts
Home buyers would be able to invoke Section 7 of the IBC against errant developers.
'The hour is very late, and the choice between triumph and tragedy knocks at our door,' says Ajay Shah.
