One of the most contentious resolutions under the Insolvency and Bankruptcy Code (IBC) is that of Dewan Housing Finance, a case that involved one of the largest declared loot by a promoter right under the gaze of the bankers, auditors, credit rating agencies and a so-called board of directors. The RBI, which had failed to supervise and monitor a finance company that was among the biggest in the country with an asset size of around 1 lakh crore, pretended to have done its job by superseding the board of the company, appointing an administrator and referring the case to IBC, to break new ground of an NBFC coming up for resolution.
This is the maiden IBC involving public investors in debt, who were hardly represented in the committee of cr…
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