NEW DELHI: RPG Enterprises Chairperson Harsh Goenka on Tuesday said the NCLT should be the next institution to be cleansed by the government to prevent “hard earned public money being stolen” as companies’ promoters stash away money on the side and get “80-90% haircut” from bankers during the insolvency resolution process.
In an apparent reference to recent cases of insolvency proceedings of some firms wherein creditors have taken huge haircuts on their dues, Goenka said it is the “new game in town”.
Insolvency resolution plans require approval of the National Company Law Tribunal (NCLT).
