Sanjay Singal, promoter of the distressed Bhushan Power & Steel, is an angry man. In his petition before the Supreme Court, Mr Singal has questioned Section 29A of the Insolvency & Bankruptcy Code (IBC) as it is 'ultra vires' of some of the rights guaranteed by the Constitution.
The section bars promoters of defaulting companies from bidding for distressed assets and was implemented with retrospective effect. But the simple question Mr Singal has forgotten to answer is this: Why is he so keen now to pay “fair value” for a company whose debt ballooned to Rs 450 billion ...
TO READ THE FULL STORY, SUBSCRIBE NOW NOW AT JUST Rs
Key stories on business-standard.com are available to premium subscribers only.
Already a premium subscriber? LOGIN NOW
Note: Subscription will be auto renewed, you may cancel any time in the future without any questions asked.
What you get?
ON BUSINESS STANDARD DIGITAL
- Unlimited access to all the content on any device through browser or app.
- Exclusive content, features, opinions and comment – hand-picked by our editors, just for you.
- Pick 5 of your favourite companies. Get a daily email with all the news updates on them.
- Track the industry of your choice with a daily newsletter specific to that industry.
- Stay on top of your investments. Track stock prices in your portfolio.
- 18 years of archival data.
- Requires you to share personal information like date of birth, income, location amongst other fields. This information alongwith your contact information will be shared with the partners associated with this program, who contribute towards subsidizing the offer. By subscribing to this product you acknowledge and accept that our Partners may choose to contact you with offers of their products and services.
- This is an optional offer - Not comfortable with sharing personal data - please opt for the full price offer which requires you to share minimal information