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The Congress party has asked for a comprehensive white paper on the bankruptcy proceedings while accusing the government of protecting defaulters through huge write-offs through the insolvency process via the Insolvency and Bankruptcy Board of India (IBBI).
Addressing a press conference, Congress leader Sanjay Nirupam said the government must order a probe into the findings of Ernst and Young's audit report into the insolvency of Amtek Auto.
The government must order an investigation into the findings of Ernst and Young’s audit report: Sanjay Nirupam
While seeking to recover Rs2,320.45 crore from former promoters of Amtek Auto Ltd, the ministry of corporate affairs (MCA) has asked the Serious Fraud and Investigations Office (SFIT) to investigate the books and dealings of the company.
As per RBI data, between 2014 and 2020, total burden of non-performing loans on banks was nearly 365 percent more than that during previous six years of UPA rule