PSUs with high liabilities may face IBC-based closure

The government has unveiled a new public sector companies’ policy for nonstrategic sectors so that the department of public enterprises (DPE) can drive the privatisation or closure of state-run firms. In cases where the liabilities are “exorbitantly high”, the government has indicated its willingness to go for the Insolvency & Bankruptcy Code (IBC) route as well.

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