The structural problem isn't the bankruptcy — it's the dual role. When the state auctions the right, writes the regulation, and holds the largest receivable, the creditor waterfall can't clear. Every airport, mine, and spectrum block in India is now priced against that same unsettled boundary between a licence and an asset.
The structural problem isn't the bankruptcy — it's the dual role. When the state auctions the right, writes the regulation, and holds the largest receivable, the creditor waterfall can't clear. Every airport, mine, and spectrum block in India is now priced against that same unsettled boundary between a licence and an asset.
True that!
Very interesting and well articulated!
Thanks Vishal :)