IPL Council Declares RCB a Non-Performing Asset; Might Be Resolved Under Bankruptcy Law

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IPL Council Declares RCB a Non-Performing Asset; Might Be Resolved Under Bankruptcy Law

Illustration: Ahmed Sikander

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lthough former Royal Challengers Bangalore owner, Mr Vijay Mallya, had a tough few days as his plea for extradition was rejected by a UK court, current owners of RCB can heave a huge sigh of relief. The IPL governing council recognised RCB as a non performing asset during its extraordinary general body meeting. Soon, the team will be sent to National Company Law Tribunal for an early resolution under insolvency and bankruptcy code.

While talking to us, IPL governing council member Rakesh Poonawala said, “We had to do something because lots of PSU banks are heavily invested in RCB.”  

“Are you surprised that PSU have invested in RCB? You can safely assume they’d have invested public money in any bad asset in India by default,” said Mr Poonawala who is a CA by profession.

According to Mr Poonawala, the IPL governing council felt that before the team goes down even further, making an unbreakable record like 14 losses in a row to take the team valuation below IL&FS group, they have to do something soon. According to one of our sources within the RCB team, “Virat Kohli’s confidence in his bowlers is so low that he couldn’t decide who should bowl to Andre Russel of KKR who was on rampage at the Chinnaswamy stadium a few days back. The umpire had to come to Kohli’s rescue and tossed to decide it will be Mohammed Siraj.”

Virat picks team as per the innovative ideas team members give him, like how to face the press after a loss

While sharing with us how the RCB team is picked, a member of the coaching staff said, “Virat picks team as per the innovative ideas team members give him, like how to face the press after a loss. If someone can give him a new excuse that sounds logical, and can be used during the post-match presentation, that player is a definite shoo-in.”

“Tim Southee, using his vast experience, gives a new reason every day and he gets in to the playing XI to concede five sixes in an over.”

There are some reports that Baba Ramdev wants to purchase a controlling stake in RCB when NCLT goes for auction to find the best suitor. “IPL governing council has unnecessarily gone to the NCLT. It will be a time-consuming affair and some MNC might pick it up. There is nothing wrong with the team. Like BJP’s manifesto team made few typos, there is a typo on the RCB jersey (Wrogn). In addition, if the team takes gud chana with two drops of gaumutra before breakfast every day, they can win the championship from here,” said Acharya Muralikrishna.

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