The IBC, as one of its objectives, was meant to prevent such a situation, where a robber billionaire robs the banks, settles the loan for a fraction and continues to own/manage the company. The classic case here was of the powerful Ruias, who were unable to retain the ownership of their flagship entity Essar Steel, even when they were finally willing to repay every rupee to the banks after they lost all their court cases.
#IBC #NareshGoyal #DHFL #EssarSteel
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