Still on hold

摘要

If anyone thought that India's overhaul of its insolvency code might speed up debt resolutions, last week's developments at one of the country's biggest companies suggest otherwise. It had all started so well - the Reserve Bank of India put pressure on banks to recognise the scale of their bad loans, and then forced them to start insolvency proceedings against some delinquent borrowers. Essar Steel, which defaulted in 2013, quickly sold a port asset to repay creditors.