ICICI Bank registers the first case under new bankruptcy law

ICICI Bank has filed an application against Innoventive Industries to initiate a corporate insolvency process under the new bankruptcy law. This is the first case in India filed under the Insolvency and Bankruptcy Code, 2016. This will provide a primer on how the new law will help tackle the banking system’s nearly ₹6.7 lakh crore of bad loans, reports said.