A wonderful article in Business Today chronicled how billion dollars of Indian entrepreneurs got busted and they have left holding fraction of their erstwhile glories.
The article is brilliant to understand:
- How ambition drives entrepreneurs to dip in debt and how it sinks them.
- Eyes wide open sleep of the Public Sector Bankers at the time of extending loans
- The holes in the Credit Evaluation System of the Bankers
- How Insolvency and Bankruptcy Code (IBC) stopped the music for debt driven entrepreneurs
Worth reading and understanding the incorrect decisions taken with respect to expansion / diversification and blaming it on the ecosystem.
“I sincerely believe that banking establishments are more dangerous than standing armies, and that the principle of spending money to be paid by posterity, under the name of funding, is but swindling futurity on a large scale.” Thomas Jefferson
Source: Sanjay Bakshi
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