In June 2017, Reserve Bank of India (RBI) had first asked the banks to take the 12 big loan defaulters to National Company Law Tribunal (NCLT) and try under Indsolvency and Bankruptcy Code (IBC). The move, which was expected to tame the ballooning non-performing assets (NPAs) on the books of banks and revive the debt-ridden companies bringing in a responsible management, has not achieved the desired results. There are 2,170 cases in which resolution is still pending. Of this, 443 cases have passed the 270 days allowed under IBC for resolution.
