Understanding Bankruptcy Bill In Mallya Way

Desperate I was of how to make my readers understand this complex issue of the Insolvency and Bankruptcy Code Bill, simple ...

And I decided to write in this way, for I am not an intelligent brat, but a simple guy want to put things in simple language ...

Scene 1

Bankers: Mr Mallya, you owe us over Rs 7,000 crore ... even though there was a clear case of default against you in Dec 2011 and alleged fund diversion and financial irregularities while dealing with our money, we have given you a long handle ...

Mallya: Yeah, I know ...

Bankers: Mr Mallya, you cleverly managed to use the judicial system to delay the
loan repayment to banks ...

Mallya: Ha ha ... yes, and I got one court verdict in my favour. Remember, how I won the case against Kolkata-based United Bank of India in 2014 ...

The bank declared me as a willful defaulter ... how dare they can ... but the defaulting tag stayed till Dec .. ha ha ...

SBI: Mr Mallya, we will make sure this time you will not escape ...

Mallya: What will you do?

SBI: Wait and watch ... it appears the govt of the day is serious ...

Mallya: Lets see ...


Scene 2 (After months)


SBI and Punjab National Bank: Mr Mallya we have tagged you as willful defaulter after your lawyers failed to make a strong case in the Supreme Court on your genuine state of stress in repaying bank money ...

With this tag, you no more can borrow or be part of any listed companies ...

Bankers: Mr Mallya, we still want to help you out ... let us have an out-of-court settlement ...

Because, we have a very bad experience ... when an asset is tagged bad, the value deterioration begins and banks stop earning from that asset ...

And if your case gets entangled in years of legal battle, there would be nothing much left at the end for us to recover ...

So ...

Mallya: If I don't ...

Bankers: Things will be difficult, Mr Mallya ... This govt appears to be serious ... they did not spare Sahara chief, you must remember ...

Mallya: But I am no Sahara boss ...


Scene 3

Bankers: Mr Mallya, the govt has come out with a new bill, called Insolvency and Bankruptcy Code Bill, which has been passed in Parliament ... and awaiting President's assent ...

Mallya: So what?

Bankers: We will see to it that you are granted a five-year imprisonment term for cheating by way of concealing your property or income ... you can mess around Mr Mallya, this govt is serious ...

Mallya: Hummmmm ....

Bankers: You were an MP and enjoyed immunities ... no more ... you will not get to enjoy anymore, Mr Mallya ... This code bars you from contesting elections

Mallya: Oh ...

Bankers: The code gives employees and workmen the first right during the liquidation of assets ... there is no scope for you to drag them into long-drawn battles to recover their due, Mr Mallya ...

Mallya: Lets see ...

Bankers: Mr Mallya, we still want to help you ...

Under the new law, we will give a deadline of 180 days to decide the fate of your companies ... we will extend the deadline by 90 more days if you have a revival plan ...

If all of these do not work out, then your company will be deemed automatically liquidated ...

Mallya: Okay ...

Bankers: Think Mr Mallya ...


Curtains Fall On The Drama ... 

Waiting For The Sequel ... ha ha ...