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COVID-19 impact | Banks knock on MCA's doors, seek speedy approval for 40 resolved IBC cases

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With uncertainty looming large, banks have approached the Ministry of Corporate Affairs (MCA) seeking a fast-tracking of 40 resolved, high-value insolvency cases in which a decision from the bankruptcy courts is pending, 

The extremely low recovery prospects in the imminent months have bankers worried sick as they fear they may lose buyers due to delay in pending approvals in the aforementioned cases, the report noted. A fall in the value of these deals due to the lack of movement in the economy may dissuade buyers from going ahead with these deals.

Additionally, companies that have been admitted for insolvency and are awaiting hearings also featured on the list that was sent to the MCA.

The ongoing lockdown has hit economic activity in the country, with a deterioration in the state of backlogs at bankruptcy tribunals across India. That these accounts awaiting approvals are likely to face additional challenges due to the novel coronavirus, or COVID-19, crisis is another cause of concern for bankers, who want the ministry to look at laying down guidelines to help them deal with the upcoming troubles.

This comes even as Finance Minister Nirmala Sitharaman announced a blanket ban on fresh insolvency admissions for up to a year, while also exempting COVID-19-related debts from the definition of 'defaults' under the Insolvency & Bankruptcy Code (IBC).