How to loot the public sector banks

Banker-borrower collusion has led to a surge in IBC cases, with pre-planned fraud that results in minimal realisable value

More than two years ago, I wrote about the case of C&C Towers Ltd (CCTL), which had signed a 20-year concession agreement with the Greater Mohali Area Development Authority (GMADA) in April 2009 for an inter-state bus terminal (ISBT), three multi-storey towers with retail and office spaces, a multiplex, a five-star hotel, a banquet hall, hypermarkets, and a helipad on top of one of the towers. The project turned bankrupt and went into liquidation, and was admitted for debt resolution. On October 19, the Chandigarh Bench of the National Company Law Tribunal (NCLT) passed an order which, once again, shows