Mumbai, April 16 -- On a cold winter evening in January 2022, a family in New Delhi was hosting about 200 people at their home, celebrating the folk festival Lohri. In the glow of the party, the host, a serial entrepreneur, told some guests about his ambition-he would become the first billionaire in the family.

That was not just wishful thinking. Along with his brother, the man, Anmol Singh Jaggi, was running a listed company and had plans to list two more in the next five years. He was betting on renewable energy and e-mobility, the hottest investor themes in the market.

At that moment, Jaggi couldn't have predicted that just three years later, his company would default on loans. And that he, and his brother, Puneet Singh Jaggi, would ...