The insolvency law is the biggest reform in the banking sector that has changed the body language of both bankers as well as promoters of their borrowers
On Tuesday evening, the CEOs of some of India’s biggest banks were on a panel discussing the changing banking landscape, at Mint’s annual banking conclave at a south Mumbai hotel. Ahead of this, they had been ushered into the speakers’ lounge where they were expected to pore over the finer points of the evening’s discussion over coffee and cookies. Instead, most of them seemed busy checking e-mails and text messages on their mobile phones and trying to figure out, in hushed voice, what was happening to the bids for troubled steel-maker Bhushan Steel Ltd, one among the 12 cases identified by the Reserve Bank of India (RBI) in the first round in June 2017 for bankruptcy proceedings. The bids, submitted on 3 February at Deloitte’s office at DLF Cyber City Complex Gurgaon, Haryana, were to open that evening.