MUMBAI: The last quarter (January-March) of financial year 2019-20 was quite fruitful for banks in terms of stressed asset resolution and recovery under the Insolvency and Bankruptcy Code (IBC), realising 64% of their dues.
This was primarily led by ₹23,223 crore coming from the resolution of Jaypee Infratech Ltd. While Jaypee's insolvency proceedings began in August 2017, the resolution plan was approved just two months ago, state-owned NBCC emerging as the successful buyer of the troubled company.
The resolution plan approved in Jaypee Infratech has been challenged before the National Company Law Appellate Tribunal (NCLAT).