By the end of 2018, taking over the project, banks began looking for buyers. Its attempts to recast the loan – by swapping debt with equity, and getting a fresh investor to infuse capital into the project – were shot down by banks. A power plant run by a well-regarded business group in North India fell short on working capital due to delays in government permissions and delivery of plant machinery. Those with captive coal blocks had slipped into trouble after the Supreme Court cancelled all coal block allocations in 2014.Ī third set of companies defaulted for other reasons. Some, unable to compete with rivals with cheap coal from their own captive coal blocks, had spun into trouble. If crony capitalism under the Congress-led United Progressive Alliance was characterised by scams like captive coal block allocation where undeserving companies landed coal blocks, it reveals itself under the BJP through the party’s careful extrication of some business groups from the bankruptcy process while letting others get possessed and sold by banks.īy 2018, almost 34 thermal power plants across India were staring at the prospect of facing bankruptcy proceedings.
ADVENTURE CAPITALIST SUPPORT CODES 2017 CODE
Two new books, the first by former RBI governor Urjit Patel and the second by RBI deputy governor Viral Acharya, have finally focused attention on the Narendra Modi government’s attempts to dilute India’s nascent Insolvency and Bankruptcy Code (IBC). The Bharatiya Janata Party finally faces its own coal scam.
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