Devendra Jain, a veteran insolvency professional recently faced a tough time when he was kidnapped from a Mumbai suburb. A group of investors, attempting to derail insolvency proceedings, mistook him for a company official in relation to a ponzi-scheme case.
Jain, who is also the founder-chairman and managing director of NPAsource.com, an NPA-listing portal for banks, feels that there is a need to take insurance. Feeling the heat from physical assault and legal threats by stakeholders on the way they manage distressed companies, insolvency professionals have individually started buying insurance covers.
Insurance should also cover professional charges of the insolvency professionals. We have operational dangers in seve…
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