Bankruptcy Code Cleared by Parliamentary panel: Jaitley

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The proposed Bankruptcy and Insolvency Code has been cleared by a joint parliamentary standing committee and is likely to be discussed in the current budget session, Finance Minister Arun Jaitley said on Wednesday.

This is among various steps the government is taking to deal with the problem of mounting bad loans of state-run banks, he told a meeting of a parliamentary committee attached to the finance ministry.

The committee took stock of the non-performing assets or bad loans of public sector banks, a finance ministry statement said.

Making opening remarks, Jaitley said there are two categories of defaulters -- those unable to pay back due to economic slowdown and those who were wilful defaulters, including loans sanctioned without due diligence by the banks.


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