It has been a day of hectic developments on the NCLT front. First, in the Essar Steel case Numetal, one of the bidders for Essar Steel go to the NCLT and say that the committee of creditors have not taken into consideration everything we want to say and requested for a hearing. They were given the date of April 4. Meanwhile the committee of creditors met and have asked for a rebid. So, Essar Steel now is still awaiting a decision and we are already past nearly 220 days out of the allowed 270 days.

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In the Binani case, one though that Binani Cement had gone to Dalmia Bharat but now it looks like Ultratech and Binani Industries are striking a deal outside the NCLT process and are going to the NCLT seeking a termination of the deal going to Dalmia Bharat.

At the moment after about 250 days of the bankruptcy process bankers have not even got one rupee from two very good assets Essar Steel and Binani Cement.

Latha Venkatesh caught up with experts to find whether we are reaching a stage where we may perhaps see the IBC process getting bogged down by litigation.

First Published:Mar 21, 2018 3:18 PM IST