New Delhi, April 18 -- Dear reader,

India's bankruptcy process is increasingly becoming a playground for its biggest conglomerates, and they're playing to win. Groups like Adani Group, JSW Group, Reliance Industries and Tata Group have quietly cornered nearly a quarter of the Rs.13 trillion in admitted claims under the Insolvency and Bankruptcy Code, despite accounting for just a sliver of total deals.

What's driving this dominance? Scale, deep pockets, and a knack for spotting value in distressed assets. Adani has aggressively built its power portfolio through acquisitions, while JSW used deals like Bhushan Power to leapfrog rivals in steel. Reliance and Tata, too, have snapped up strategic assets across sectors.

But this isn't just a...