India trying novel approach to resolve NBFC cases in bankruptcy tribunal

India trying novel approach to resolve NBFC cases in bankruptcy tribunal

Victoria Station, Mumbai, India. Photo: Pixabay

India is trying something new. After watching the shadow banking industry collapse in slow motion for more than a year, authorities have decided that enough is enough. They want to experiment with in-court bankruptcy for nonbank lenders. But will going to a haircut salon leave the financial system any neater?