IBC at 10: Reform or corporate write-off?
In the last 10 years, India’s Insolvency and Bankruptcy Code (IBC), started in 2016, has turned out to be a scam or a legalized way to provide a huge haircut to big industrialists to get off from their dues to banks. Dues to banks mean siphoning of public funds. A very recent example of this “magic” happened in Indiabulls vs. media baron Subhash Chandra, where thousands of crores of rupees from many banks were involved. National Company Law Tribunal (NCLT) has reduced more than Rs.22,000 crore in dues to a meagre Rs.6.25 crore, and the…