Rajeev Dubey, Managing Editor, Business Today
In the fracas of whether Vijay Mallya is a defaulter, a wilful defaulter, or – to be charitable – a victim of circumstances, lenders and politicians have upped the ante against the UB Group chairman who fled the country with nearly Rs 9,000 crore in unpaid dues but who claims he is in “forced exile” in the UK. Even those who have shamelessly partaken his generosity in the past are hunting in packs for political mileage.
But with the Insolvency and Bankruptcy Act, 2016 becoming a law, Mallya has a momentous opportunity to clean up his slate by declaring himself bankrupt under the provisions of the Act. And escape the humiliation of an arrest and a jail term like Sahara group’s Subroto Roy Sah…
Read the full article at: http://www.businesstoday.in/opinion/business-wise/why-mallya-must-declare-bankruptcy/story/232468.html