BusinessThe Year Indian Tycoons Faced Bankruptcies, Jail And Worse
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The Year Indian Tycoons Faced Bankruptcies, Jail And Worse
In 2019, a shadow banking crisis-led cash crunch hurt many businesses
Banks wrote off record $39-billion loans in 18 months through September
The bankruptcy law empowered lenders to repair their balance sheets
Anil Ambani's telecom carrier slipped into insolvency in 2019
For many Indian tycoons, 2019 turned woeful as lenders -- empowered by the nation's recent bankruptcy law and desperate to clean up soured debt from their books -- started seizing assets of delinquent firms or dragged them into insolvency.