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Last Updated Sunday January 21 2018 02:32 AM IST

Insolvency and bankruptcy code approved

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money The new code will help avoid defaulters buying the auctioned properties: Representative image

New Delhi: The cabinet on Wednesday gave approval to amend the Insolvency and Bankruptcy Code to prevent wilful defaulters from bidding for stressed assets, two TV channels reported citing unnamed sources.

The finance ministry had earlier asked banks to ensure that wilful defaulters were prevented from buying same stressed assets again as it strives to cut the record $147 billion soured loans accumulated in the banking sector.

Finance Minister Arun Jaitley is scheduled to brief the media later on Wednesday.

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