India is taking a series of aggressive steps to reduce the mountain of bad debts weighing down its banks and threatening to derail the world’s fastest-growing large economy.

India’s parliament last week passed a law empowering its central bank to force some of the country’s largest companies into bankruptcy proceedings. The move follows last year’s overhaul of the bankruptcy code, another attempt to make it faster for creditors to get their money back in a country notorious for drawn-out insolvency proceedings.

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