Under the Insolvency and Bankruptcy Code (IBC) framework, only the RBI can refer a finance company for insolvency proceedings. Lenders are of the view that a resolution under IBC will be a transparent process thus generate interest among prospective buyers, the people said.source https://economictimes.indiatimes.com/industry/banking/finance/banking/religare-finvest-lenders-to-move-rbi-for-insolvency/articleshow/89734123.cms
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