IRPs have made fortunes in the process

it is true that many IRPs have made fortunes in the process. When a company is handed over to an IRP, it becomes NO MANs LAND. IRPs have taken huge bribes to allow the promoters to remain in control the management and sold materials worth crores of rupees without bill for almost one year. The IRPs had also taken money to pass on the details of the plant and offers to the prospective buyers and the existing promoters. When the SBI chairman took a bold stand to disallow the existing promoters to buy the defaulting unit, the promoters were left high & dry otherwise almost every promoter would have bought the company at throw away price thereby legalizing the siphoned off money out of the loan amount. he CVC, State Vigilance and the Bankers have miserably failed in discharging their duty and gathering information about the illegal activities of IRPs and promoters of defaulting companies and needs to be invested by CBI without further delay. THE NCLT/NCALT
are moving at snail's pace as these are headed by Judges who are
known for inefficiency and under performance. Take the example of
BEDT RECOVERY TRIBUNALS. They have ruined the banking industry
by passing stay order and unlimited adjournment to loan defaulters.
These DRTs had become epitomes of corruption and inefficiency and
must be disbanded at the earliest. more