OVER THE NEXT few years, a number of entrepreneurs, who had shot to prominence over the past decade and a half, will either have lost their entire businesses or will see their empires shrink dramatically in size, after losing many of their companies. They will see their prized possessions either auctioned off or liquidated under the Insolvency and Bankruptcy Code. Their aggrieved lenders, with a little bit of prodding from the Reserve Bank of India (RBI), would have already taken them to the National Companies Law Tribunal (NCLT) for bankruptcy proceedings. For many tycoons, the process is already under way. Some others may see their firms going to the NCLT soon, unless they find the money to repay the banks.
Thus the Ruias of Essar will lose their flagship Essar…
