2018 was a watershed year for corporate India, courtesy IBC

2018 was a watershed year for corporate India with some of its tycoons coming close to losing grip on their companies, courtesy the Insolvency and Bankruptcy Code (IBC). 

Most of the big-ticket companies that were being forced to undergo a change in management as part of the law were part of the Reserve Bank of India (RBI)-mandated list for debt resolution under IBC.

The RBI’s first list comprised 12 large accounts with an outstanding claim of Rs 3.45 trillion. The highest profile from that prized list is Ruia-owned Essar Steel. Subsequently, the central bank came out with a second list