A recent order of the National Company Law Tribunal (NCLT) approved a plan requiring media baron Subhash Chandra to pay Rs 6.25 crore against guarantees of over Rs 22,000 crore. The order has since been stayed but it brought a larger question into focus: when thousands of crores of public money are at stake, how much scrutiny do decisions in India’s bankruptcy system really face? And how much scope do courts and tribunals have to question decisions taken by creditors.

Against this backdrop, Newslaundry looked at the biggest player in this system: the Adani........

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