Far-reaching: Essar Steel’s complex in Hazira, India
An insolvency court decision in India this week could have far-reaching consequences for public-sector bank restructuring, the distressed debt market, and the overall appetite of international funds for Indian credit.
The ruling concerns Essar Steel India, the most high-profile bankruptcy in the country.
The handling of this case is being seen as a litmus test for India’s ambitions to increase the speed of resolution of a host of failed businesses that are dragging down the books of India’s many public-sector lenders.
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