New Delhi, Sept. 21 -- When the Adjudicating Authority approved the first resolution plan for a corporate debtor under Part II of the Insolvency and Bankruptcy Code (IBC) on 2 August 2017, the hue and cry ran well ahead of the facts. It was the resolution plan of Synergies-Dooray Automotive Ltd (Dooray). The plan provided Rs.55 crore for creditors against admitted financial claims of Rs.972 crore, a haircut of 94%.

Nine years later, Part III of the IBC, dealing with personal insolvency, produced its first headline case. The sound is familiar, only louder. Claims of about Rs.22,007 crore have been admitted against Subhash Chandra as personal guarantor, while the repayment plan before the Adjudicating Authority offers about Rs.6 crore to c...