The top 7 cities currently have a total stock of 5.6 lakh delayed housing units worth a whopping INR Rs 4,51,750 Cr. These units were launched either in 2013 or before that. Lakhs of buyers across top cities – particularly MMR and NCR – have been left in limbo, leading to inconceivable mental stress and financial pain
Insolvency and Bankruptcy Code
CRISIL expects gross NPAs in the banking system to be ~10.5% of advances as of March 2018, up from 9.5% as of March 2017. Faster resolution of stressed accounts through the Insolvency and Bankruptcy Code and various structuring schemes, therefore, is critical to improving the asset quality of banks.
The INR 6trillion bad debt in Indian banks currently would require asset reconstruction companies (ARCs) to re-orient themselves if they are to facilitate the resolution process, says India Ratings and Research (Ind-Ra).