Synopsis
IBBI’s chairman Ravi Mittal has pitched lenders to provide interim finance to the companies undergoing insolvency as it will help improve valuation, and thus, fetch them better recovery. However, experts say timely resolution — adhering to the 330-day deadline in closing a case — could be the only way to attract lenders who have burnt their fingers earlier.
In the winter of 2017, senior officials from Yes Bank were spotted in a coffee shop at Jaypee Vasant Continental, a five-star hotel in New Delhi, preparing to make a pitch to Anuj Jain, the resolution professional (RP) of Jaypee Infratech. The Manoj Gaur-promoted company was among the first few most prominent cases to have entered corporate insolvency soon after the government passed the Insolvency and Bankruptcy Code (IBC). A few tables away,
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