Apart from the stay, the stressed power plants were also given another breather recently, when the high-level empowered committee constituted by the Prime Minister's Office allowed retaining fuel supply agreements (FSAs), Power Purchase Agreements (PPA) and long-term transmission network access rights.

Thirty-four stressed power sector accounts that defaulted on Rs1.5 lakh crore worth of dues are now before the National Company Law Tribunal - yet again.

The Insolvency and Bankruptcy Code can lead to huge job losses in the short to medium term as many companies, including some big names, face liquidation.

While Phase-I of the power project is operating with limited gas supplies, Phase II and III are not producing any power due to lack of gas supplies.

Under the Insolvency and Bankruptcy Code, the sale process has almost been completed in three cases -- Bhushan Steel, Electrosteel Steels and Monnet Ispat and Energy. There is less clarity in the other cases when the 270 day timeframe for resolution ends around now.

The bankruptcy proceedings would force Indian banks to book heavy losses. They are now focussed on mini- mising the damage

It's tough to conclude the resolution process in at least half of the 12 big loan defaulters within the 270 days time frame allowed under the Insolvency and Bankruptcy Code (IBC).

The creditors have chosen Tata Steel and UK-based Liberty House for running the bankrupt companies Bhushan Steel and Amtek Auto, respectively.

On the question of whether he is satisfied with the current amendments, Kumar said, \"I will be happy when the resolution happens. I don't mind some haircut but I don't want to be bald.\"

Rescue is a small part of the anti-trafficking activity and what matters most is rehabilitation.

Finance Minister Arun Jaitley today said the government has full sympathy with the agitating Noida homebuyers and they can seek relief under the insolvency law.

The National Company Law Tribunal on Wednesday allowed banks to initiate insolvency proceedings against Bhushan Steel and another firm, Bhushan Steel and Power.

Meanwhile, the Sensex was trading almost 100 points higher at 32,319 level. The Nifty too was up 30 points,  at 9994.45 level.

A closer look at whats in store for the 12 largest corporate defaulters.

How India is creating infrastructure for the future.