State Bank of India Chairman Rajnish Kumar (pictured) said amendments in the Section 29A of the Insolvency and Bankruptcy Code (IBC) are necessary as the earlier amendment imposed a blanket ban on a defaulter’s relatives, who wanted to bid for a company. “There are many cases where two brothers have split their businesses 20 years ago but as one brother is now a defaulter, the other brother cannot bid for the assets under the IBC,” Kumar said during the Business Standard banking summit on Thursday evening.
In the case of L N Mittal, chairman of ArcelorMittal, ...
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