“Business failures in

this country should

not be a taboo, or
looked down upon.
On the contrary, we
should give an
honorable exit or
resolution to the
problem in letter and
spirit of the IBC.”
Is there any legislation in indian government to
give an honorable exit or resolution to the
problem for the business failures

National Company Law Appellate Tribunal(NCLAT)

the committee of creditors (CoC) had no role in

distribution of claims and brought lenders (financial
creditors) and vendors (operational creditors) on a
par.
• Siddhartha said
• "This was very unfair and has led to a serious
liquidity crunch," he said.
• Siddhartha fetched Rs 3,200 crore from the
sale of Mindtree shares, but paid only Rs 46
crore out of total Rs 300 crore minimum
alternate tax (MAT) payable on the deal
• Income Tax Department in January this year
when it attached 74.90 lakh shares in
Mindtree, of which 22.20 lakh shares
belonged to Coffee Day Enterprises and 52.70
lakh belonged to VG Siddhartha
• On February 13, Siddhartha received an order
under Section 281-B of the Income Tax Act,
1961, provisionally attaching 46,01,869 shares
of Coffee Day Enterprises held with Way 2
Wealth Brokers(Investments Consultancy
Firm).