New Delhi, April 9 -- Taking a jibe at the Insolvency and Bankruptcy Code (IBC), fugitive liquor baron Vijay Mallya posted a 'great haircut story' on social media platform X. While crying foul over how, in his case, "banks recovered in excess of Rs.14,000 crores against a judgment debt of Rs.6203 crores," he also called out how huge corporate bad loans - from Bhushan Steels, DHFL, Alok Industries and ABC shipyard - have been resolved with up to 95 per cent haircut and loss to banks.

Slamming the case pertaining to Sivasankaran Industries, Mallya posted, "Last one best. Father in law acquires it after 95% haircut [sic]".

For the uninitiated, a haircut under IBC is the difference between creditors' claims and the amount received during th...