(Bloomberg) — For many Indian tycoons, 2019 turned woeful as lenders — empowered by the nation’s recent bankruptcy law and desperate to clean up soured debt from their books — started seizing assets of delinquent firms or dragged them into insolvency.Indian banks wrote off a record $39 billion of loans in the 18 months through September in a bid to repair their balance sheets as they battled the world’s worst bad debt pile. Making matters worse, a shadow banking crisis led to a funding squeeze, crushing debt-laden businesses that were critically dependent on rollover financing.“Life has come a full circle …read more
Source:: Yahoo Finance
