In today’s Finshots, we look at how a thousand of crores worth of a resolution plan was tossed out years later and why it could shake the very core of India’s insolvency law.
The Story
If I told you a steel company collapsed under ₹47,000 crores of debt, you might think it’s one of those classic tales from the pre-Insolvency and Bankruptcy Code (IBC) era – when companies borrowed like there was no tomorrow and banks dished out loans like wedding sweets.
And you’d be right.
But what if I told you that even after five long years… after the company resolution was approved, the buyer paid the full amount, the debt was written off, and everything seemed settled… India’s Supreme Court recently scrapped the whole…
