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Pay up, Jaitley tells private sector defaulters, or allow takeover

Pay up, Jaitley tells private sector defaulters, or allow takeover
Finance Minister Arun Jaitley on Thursday put private sector debtors on notice saying they will have to pay their dues to banks or allow somebody else to step in and take control of the business. Using the new bankruptcy law, the central bank has prodded banks to initiate insolvency proceedings against 12 large corporate defaulters to resolve Rs 2 lakh crore, or almost a fourth of the country's bad debt. More defaulters are being notified for action. Jaitley said the government was open to ...
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