SBI chairman wants changes in 29A

State Bank of India Chairman Rajnish Kumar said amendments in the Section 29A of the Insolvency and Bankruptcy Code (IBC) are necessary as the earlier amendment imposed a blanket ban on a defaulter’s relatives, who wanted to bid for a company.

“There are many cases where two brothers have split their businesses 20 years ago but as one brother is now a defaulter, the other brother cannot bid for the assets under the IBC,” Kumar said.