Brazen gaming of bankruptcy process on

According to the data from the Insolvency and Bankruptcy Board of India (IBBI), in over 363 major NCLT resolutions since 2017, banks have taken an average loss of 80 per cent

It is not often that a high-profile businessman publicly protests and appeals to the prime minister of India. But the shocking cases of bad loan write-offs by public sector banks (PSBs) provoked even the mild-mannered and jovial industrialist Harsh Goenka to tweet last month: “Promoters stash away money on the side, take the company to the cleaners, get 80-90 per cent haircut from bankers/NCLT — that’s the new game in town. A lot of institutions cleansed by the government — NCLT next please @PMOIndia. We can’t have our hard-earned public money being stolen!” Mr Goenka has drawn our attention to