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The huge losses are a fallout of new Reserve Bank of India (RBI) norms scrapping all loan-restructuring schemes and will put pressure on the government to infuse more capital into public sector unit (PSU) lenders than planned earlier.
The Cabinet, which has recommended the promulgation of an ordinance to amend the Insolvency and Bankruptcy Code (IBC), has suggested that promoters of companies with turnover of up to Rs 250 crore will be allowed to bid.
Although the amendments through an ordinance that was cleared by the union cabinet will be prospective, it will have bearing on cases that are already facing insolvency proceedings and the resolution plan is in the works, experts said.