Movement to cover NBFC under special rules with IBC

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New delhi date. September 26, 2019, Thursday

To tackle the problem of Non-Banking Finance Companies (NBFCs), the Center is likely to devise a special solution for the solution under Article 2 of the Insolvency and Bankership Code (IBC). Currently NBFC is not covered by IBC, but it has long been sought by the sector to cover it.

After the IL&FS chapter, NBFCs were increasingly stuck in money laundering. In addition, the defaults by the recent Altico Capital have also been considered by the authorities, a government official said.

NBFCs suffer due to default by their lenders, which in turn causes investors to fear.

The government intends to avoid the regular process of IBC by applying special procedure of solution in case of default by NBFC, which is followed in other cases of solution. For this, the government is expected to issue new rules soon.

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