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Lenders fear taxmen will eat into recovery pie
A Supreme Court order in India has recognized tax departments and government agencies on par with secured creditors under the Insolvency and Bankruptcy Code (IBC). This means that banks may see a reduced scope of recovery from bankrupt borrowers, as tax authorities are likely to claim a large chunk of the recovery. Bankers are concerned that this could compromise the efficacy of the IBC process for lenders, and are calling for the government to resolve the issue.
A Supreme Court order in India has recognized tax departments and government agencies on par with secured creditors under the Insolvency and Bankruptcy Code (IBC). This means that banks may see a reduced scope of recovery from bankrupt borrowers, as tax authorities are likely to claim a large chunk of the recovery. Bankers are concerned that this could compromise the efficacy of the IBC process for lenders, and are calling for the government to resolve the issue. 
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