Bhushan Power, NOCL lead March stressed assets resolutions; Upsurge in new cases under IBC

India’s stressed assets market saw the resolution of several pending cases in bankruptcy court in March, including big-ticket ones involving Bhushan Power & Steel (BPSL), Nagarjuna Oil Corporation and Ariisto Developers. Despite substantial haircuts for lenders, the resolution of the three cases, among others, signal action under the Insolvency and Bankruptcy Code (IBC), unlike under older mechanisms. BPSL, Nagarjuna and Ariisto together owed creditors over Rs 61,000 crore and received ......