Banks seek to reverse ₹3.97tn worth of shady pre-IBC deals: Report
Banks are seeking to reverse ₹3.97 trillion worth of questionable transactions carried out by companies' promoters and related parties shortly before entering the Insolvency and Bankruptcy Code (IBC), Mint reported. The claims now rival ₹3.99 trillion lenders have recovered through resolution plans since 2016. Fresh applications seeking reversal worth about ₹7,200 crore were filed in September.