This is called day light robbery!---by Modi Govt

Reliance Communications, an Anil Ambani Company with an outstanding debt of Rs. 47,251 cr has been taken over by Reliance Projects & Property Management Services Ltd., a wholly - owned subsidary of Mukesh Ambani through Insolvency & Bankruptcy Board process at the cost Rs455.92 cr.

The amount is less than 1% of total debt.

Insolvency and Bankruptcy process is being claimed and hailed as a game-changer for recovering bank dues but in effect has proved to be an escape route for corporates who are looting the Banks.

This is called day light robbery!

Remember, this loan was earlier declared as a fraud account by SBI based on the forensic audit conducted over the affairs of RCom. Jio subsidiary backed out from taking over thru resolution process. SBI later withdrew its declaration of fraud account.

So it is not the question of failure of IBC codes alone but also an example of how the whole process was bent and moulded to favour this group.

- Com. Perumal Maruthu